How do Realtors Help the Economy AND Save YOU Money?

How do Realtors Help the Economy AND Save YOU Money?

After a successful Hill Day on January 21^st, there are no proposals yet for any tax on real estate. Our lobbyists have met with legislative leadership and many other legislators since our Hill Day and so far, there are no bills to increase the real estate excise tax or the B&O tax, and no proposal for a sales tax on services… all of which would harm real estate. Stay tuned, as it is only the 22nd day of a 60-day session (ending March 11th)!

2010 Legislative Priorities: Real Estate is Critical to Economic Recovery!  Washington REALTORS® Priorities include:

1. Ensuring Economic Vitality: Real Estate Market Leads Economic Recovery
Restoring vitality to the real estate market and the state’s economy is the top priority. REALTORS® oppose sales taxes on services that would add thousands of dollars to the costs of a home. We also oppose increasing real estate excise taxes that are already some of the highest in the country, or increasing the B&O tax that is a regressive tax on the gross receipts of a business.

2. Protecting Use of the Real Estate Excise Tax (REET)
This week, some of our REALTOR® Key Contacts sent a message to legislators in relevant committees that REALTORS® strongly oppose five bills that allow the REET to be used for parks or maintenance rather than focusing on badly-needed roads, water and sewer for our growing communities. REET revenue fluctuates with the market and should not be depended on for ongoing maintenance and operations of parks.

3. Protecting Property Owners, Buyers and Sellers: Fair Appraisals for Real Estate Transactions
Last week REALTORS® testified in support of HB 3040, a measure that requires Appraisal Management Companies (AMCs) to verify that they only use licensed or certified appraisers and that appraisals follow the Uniform Standards of Professional Appraisal Practice (USPAP). This includes “geographic competency” or knowledge of property values specific to a local area.

4. Building Better Communities: Environmental Solutions to Help, Not Hinder Real Estate
REALTORS® oppose amending the Growth Management Act (GMA) to add climate change as a mandatory element or goal; a GMA climate change goal increases uncertainty and risk in land use and the real estate market. The GMA already has policies in place that will help address climate change without more regulations that don’t necessarily help the environment, but stifle the economy.

This information courtesy Washington REALTORS®. For additional information and to stay up-to-date on bills and topics visit www.warealtor.org. Thanks for reading, now go take action!