Title 07 Finance
Chapter 07.08 Funds
Article II. Special Revenue Funds
Section 07.08.124 Real Estate Excise Tax Fund
Real Estate Excise Tax – First Quarter Percent – REET 1
Under the authority of RCW 82.46.010(2) there is established a special revenue fund to be known as the “real estate excise tax fund,” which shall be distinguished as “REET 1”, into which shall be placed all moneys received from the additional one-quarter of one percent excise tax on the sale of real property imposed by Ordinance C31191, SMC 8.14.010(A)
Moneys in this fund may be accumulated or expended for the purposes of providing funding for the maintenance of capital facilities and financing of capital improvements program fund projects as defined in RCW 846.010 (6) and as specified in a capital facilities plan element of the city’s comprehensive plan.
Real Estate Excise Tax – Second Quarter Percent – REET 2
Under the authority of RCW 82.46.035(2) there is established a special revenue fund to be known as the “real estate excise tax fund,” which shall be distinguished as “REET 2”, into which shall be placed all moneys received from the additional one-quarter of one percent excise tax on the sale of real property imposed by Ordinance C31191, SMC 8.14.010 (B)
Moneys in this fund may be accumulated or expended for the purposes of financing capital projects as defined in RCW 846.035(5) and as specified in the capital facilities plan element of the comprehensive plan developed under the Growth Management Act.
Date Passed: Monday, November 8, 2021
Effective Date: Wednesday, December 15, 2021
ORD C36128 Section 1
