The leasehold excise tax (LET) is imposed on private interests in publicly owned real or personal property. The LET is "in lieu" of the property tax and intended to provide equity in taxation of all property. This advisory provides public marinas with an acceptable formula to compute the amount of LET the marinas as lessors are required to collect from lessees. This formula uses a square footage formula in conjunction with rental rates in calculating the LET due.
A copy of this document is available via the internet at http://www.dor.wa.gov/content/laws/eta/eta.aspx or a request for copies may be directed to Roseanna Hodson, Interpretations and Technical Advice Division, P.O. Box 47453, Olympia, WA 98504-7453, phone (360) 570-6119, fax (360) 586-5543.
Alan R. Lynn