By Mark Harmsworth
Director Small Business Center, Washington Policy Center
Legislature 2023: The legislature says it wants affordable housing but keeps pushing legislation that will do the opposite
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February 16, 2023
House Bill 1628 (HB 1628) creates a new property tax category of 4% on property valued at over $5 million.
Proponents of HB 1628 argue that a property owner that sells property that is valued at over $5 million can afford to pay the additional tax rate. The majority of properties, however, that are sold that are valued over $5 million, are multi-unit housing, apartments, duplexes, retail and commercial properties which provide homes, products and services for every Washington resident.
The additional tax will be passed on to the home purchasers and renters in the form of increased home pric...
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