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In March 2022, a Douglas County Superior Court judge sided with the plaintiffs ruling that the tax was an income tax [31] and therefore unconstitutional in Washington State. This ruling was overturned by the Washington State Supreme Court in March 2023, which ruled that the tax was an excise tax, rather than an income tax. [24]
If the capital gains tax is found to be an “excise tax,” Washington would be attempting to tax activity that occurs in other states. It is important to remember that no other state has a ...
If approved, House Bill 1628 would make WA’s excise tax on housing the highest rate in the country. | Guest Opinion WA already lacks affordable housing. Hiking real estate excise tax would make ...
Composition of state and local tax revenues by sales taxes (brown), property taxes (white), licenses and other fees (grey), individual and corporate income taxes (green) in 2007. Determining the value of property is a critical aspect of property taxation, as such value determines the amount of tax due.
States that do not tax income (Alaska, Florida, Nevada, South Dakota, Texas, and Wyoming) do not tax capital gains either, nor do two (New Hampshire and Tennessee) that do or did tax only income from dividends and interest. Washington state does not collect income taxes but has passed a CG tax as an excise (rather than income or property) tax. [17]
The driver behind Washington state’s budget shortfall. TJ Martinell. November 25, 2024 at 6:23 PM ... One major tax to buck that trend is the real estate excise tax, which brought in $1.4 ...
A property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. Ad valorem property taxes are collected by local government departments (examples are counties, cities, school districts, and special tax districts) on real property or personal property.
For the 2023-2024 budget, sales tax is expected to generate $147.1 million, which is the city’s largest revenue source, followed by property tax at $135.5 million, business tax at $120.6 million ...