What Washington state agents are seeing with new ‘millionaires tax’
Washington state has introduced a 'millionaires tax' targeting high-income earners, which may impact the luxury real estate market. The 9.9% tax on annual income above $1 million is expected to be implemented in 2028, pending legal challenges.
Washington state is introducing a 'millionaires tax' targeting high-income earners. The 9.9% tax applies to annual income above $1 million. This may impact the luxury real estate market, with some clients planning around the tax or accepting it as part of societal considerations. The tax is expected to be implemented in 2028, pending legal challenges. Real estate professionals are seeing shifts in client behavior, with some accelerating plans to move out of state. Others are exploring new opportunities in second homes and investment properties, particularly in markets with better tax environments.
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