5998-S.E AMH YOUN H3215.1
ESSB 5998 - H AMD 907
By Representative Young
NOT ADOPTED 04/27/2019
On page 2, line 6, after "timberland" insert ", undeveloped land, water or mineral rights,"
On page 3, after line 39, insert the following:
"(e) "Undeveloped land" means any land unaltered from the natural state by the construction, creation, or addition of structures or impervious surfaces."
EFFECT: Provides that the real estate excise tax (REET) rate for transactions of undeveloped land and water or mineral rights will be subject to a 1.28% REET rate on the entire taxable value, regardless of selling price.
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