Real Estate Excise Taxes
Goal: The Capital Facility Plan will detail intended uses of Real Estate Excise Taxes.
The first quarter of one percent (.25%) of the real estate excise tax (REET 1) must be used solely on capital projects that are listed in the capital facilities plan element of the City’s comprehensive plan. Capital projects are defined in RCW 82.46.010 as: “those public works projects of a local government for planning, acquisition, construction, reconstruction, repair, replacement, rehabilitation, or improvement of streets; roads; highways; sidewalks; street and road lighting systems; traffic signals, bridges, domestic water systems; storm and sanitary sewer systems; parks; recreational facilities; law enforcement facilities; fire protection facilities; trails; libraries; administrative and judicial facilities….”
|
REET 1 |
Receipts |
Expenses |
Balance |
Pledged |
|---|---|---|---|---|
|
12/30/00 |
$279,664 |
$ 909,541 |
$ 97,822 |
|
|
12/31/01 |
$402,042 |
$ 499,864 |
$ 0 |
|
|
12/31/02 |
$409,054 |
$ 346,159 |
$ 62,895 |
|
|
12/31/03 |
$833,701 |
$ 886,625 |
$ 9,971 |
|
|
12/31/04 |
$651,156 |
$ 301,057 |
$ 360,070 |
|
|
12/31/05 |
$895,205 |
$ 222,160 |
$1,033,115 |
|
|
12/31/06 |
$830,603 |
$2,703,297 |
$ 230,724 |
|
|
12/31/07 |
$569,337 |
$1,015,037 |
$ 234,000 |
|
|
12/31/08 |
$364,622 |
$ 423,986 |
$ 680,170 |
|
|
12/31/09 |
$344,026 |
$ 695,913 |
$ 409,917 |
|
|
12/31/10 |
$383,543 |
$ 540,949 |
$ 372,013 |
$435,000 |
Goal: Revenue from the second quarter of the Real Estate Excise Tax will be dedicated primarily to park improvements.
The second quarter of one percent (.25%) of the real estate excise tax (REET 2) capital projects are defined in RCW 82.46.035 as: “those public works of a local government for planning, acquisition, construction, reconstruction, repair, replacement, rehabilitation, or improvement of streets, roads, highways, sidewalks, street and road lighting systems, traffic signals, bridges, domestic water systems, storm and sanitary sewer systems, and planning, construction, reconstruction, repair, rehabilitation, or improvement of parks.” The acquisition of land for parks is not permitted.
|
REET 2 |
Receipts |
Expenses |
Balance |
Pledged |
|---|---|---|---|---|
|
12/30/00 |
$273,664 |
$ 0 |
$ 273,196 |
|
|
12/31/01 |
$413,857 |
$ 330,000 |
$ 357,052 |
|
|
12/31/02 |
$417,211 |
$ 494,708 |
$ 279,556 |
|
|
12/31/03 |
$519,815 |
$ 0 |
$ 799,371 |
|
|
12/31/04 |
$667,433 |
$ 183,077 |
$1,283,427 |
|
|
12/31/05 |
$896,419 |
$1,036,240 |
$1,143,607 |
|
|
12/31/06 |
$866,147 |
$ 333,663 |
$1,676,091 |
|
|
12/31/07 |
$648,673 |
$ 753,621 |
$1,571,143 |
|
|
12/31/08 |
$364,622 |
$ 640,799 |
$1,428,244 |
|
|
12/31/09 |
$342,115 |
$1,070,614 |
$ 712,279 |
|
|
12/31/10 |
$373,392 |
$1,123,360 |
$ 401,127 |
$130,053 |
