SENATE BILL REPORT

SB 5134

BYSenator Owen

Exempting certain transfers from conveyance tax.

Senate Committee on Ways & Means

Senate Hearing Date(s):January 29, 1987

Senate Staff:William Bafus (786-7437)

AS OF JANUARY 27, 1987

BACKGROUND:

The real estate excise tax code, RCW 82.45, presently provides exemptions for certain transfers.  These include:  return of a buyer's interest in a real estate contract to the seller, deeding of a mortgagor's interest in real property back to the mortgage holder in order to avoid foreclosure, the assumption by another of the balance of a mortgagor's or other debtor's obligation secured by a mortgage or other deed of trust, and the division of property by tenants in common whether by agreement or under court decree.  The conveyance tax, RCW 82.20, does not presently provide exemptions for these same transfers.

SUMMARY:

Language is added to RCW 82.20.010 providing exemption from the conveyance tax for the classes of transfers summarized above.

Revenue:    yes

Fiscal Note:      requested