Chapter 3.32
REAL PROPERTY EXCISE TAX
Sections:
3.32.020 Disposition of funds.
3.32.010 Imposed.
An excise tax on the sale of real property located within the corporate limits of the city shall be, and the same is, established and imposed in an amount equal to one-half of one percent of the selling price of each sale of said real property. The term “sale” and the term “selling price” as used herein shall be as defined in RCW 82.45.010 and 82.45.030, respectively. [Ord. 658B, 1999.]
3.32.020 Disposition of funds.
Funds received from the imposition of said excise taxes may be used for both capital and operating expenditures, with the following limitations: the city may use the greater of $100,000 or 35 percent of available funds, under RCW 82.46.010(1), starting July 22, 2011, but not to exceed $1,000,000 per year, for the operations and maintenance of existing capital projects as defined in RCW 82.46.010(1)(6). The ability to use real estate excise taxes for operations and maintenance continues through calendar year 2016, after which real estate excise taxes shall only be used for capital expenditures. [Ord. 880B § 1, 2011; Ord. 658B, 1999.]