Washington DOR Expands Timberland Definition for Real Estate Excise Tax Purposes

The Washington Department of Revenue (DOR) modified the definition of timberland for Real Estate Excise Tax (REET) purposes effective June 11. Under the updated guidance, timberland now includes land transferred or sold to a governmental entity that will manage the property as classified timberland or designated forestland. The change affects sellers of timberland or designated forestland to governmental entities and clarifies that qualifying timberland transfers remain subject to REET at the flat rate of 1.28 percent of the selling price. To report a qualifying transfer, the county assessor must sign the Notice of Continuance included in the Real Estate Excise ...