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Form 720 online Washington: What You Should Know
Property tax instructions Washington State tax laws specify how the state will collect and report property tax to property owners. The state has the following requirements as a condition for the collection of property taxes: All property purchased or occupied before January 1, 2017, is subject to the property tax. The annual amount of tax is determined by the annual percentage rate. This rate can be based on either the sale price of the property or a combination of the purchase price and assessment of the property at the date of the sale. The annual percentage rate of the property tax is based on the assessed value of the property. In addition to the property tax, the state also levies special tax on the sale price of motortrucks, trailers and semitrailers used to transport recreational vehicles. The special tax rate is calculated by multiplying the annual tax rate by the total number of miles that a motortruck, trailer or semitrailer travels each year. Any property owners who do not have a residential lease on their property at the time of the sale of their property might be required to pay the property tax and make necessary repairs to the property as an obligation of the state. Washington State Excise Tax Rates 2018 There are four excise tax rates in Washington: State Base Excise Tax Rate Combined Rate % Increase (2016-17) 6.09 1.70 5.50 2.85 3.20% 5.00% 13.02 5.10 10.50 7.35 4.70% 7.30% The 2025 combined tax rate for Washington is an increase of 3.20% and the current rate for 2025 is 5.50%. This tax is assessed on the sale that occurs on or after January 1, 2017, and for sales that are subject to the annual fee. It is a base rate tax and is in addition to the following taxes levied on property: the local property taxes and the county vehicle fee. Washington State Excise Tax Rates for Residential Personal Use Property There is a different rate for the residential personal-use property tax in Washington State. The residential property rate in Washington is calculated as a percentage of the combined property taxes for the entire residence, and the additional residential personal-use property tax rate is calculated as a percentage of the combined property taxes for each additional portion of the residence. For example: If the combined property taxes were 100,000 and the residential personal-use property tax rate was 2.
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