Posted on: 13th Apr, 2009 07:42 pm
I live in Washington State. My wife and I are refinancing our mortgage. The original mortgage was in my name only. If we add her to the title do we have to pay Wa State Real Estate Excise Tax?
Hi mikea,
As far as I know, the State of Washington has the right to levy a real estate excise tax on all sales of real estate including the amount of any liens, mortgages and other debts given to secure the purchase at a rate of 1.28 percent. However, as you are only refinancing the property, I don't think you'll have to pay this tax. But it would be better if you could contact a tax assessor and take his opinion on this issue.
As far as I know, the State of Washington has the right to levy a real estate excise tax on all sales of real estate including the amount of any liens, mortgages and other debts given to secure the purchase at a rate of 1.28 percent. However, as you are only refinancing the property, I don't think you'll have to pay this tax. But it would be better if you could contact a tax assessor and take his opinion on this issue.