Grave or cemetery lot sale

From the 2024 DOR Tax Exemption Study

82.45.010(3)(m) - Grave or cemetery lot sale Description Transferring real property by selling a cemetery lot is not subject to state or local real estate excise tax. Purpose Transferring real property as a cemetery lot is not a sale. REET taxes arm's-length purchases of real estate in situations where the purchase price reflects the market price. It would be difficult to decide on a market price for such a small portion of real property. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.165 $0.170 $0.175 $0.181 Local Taxes $0.075 $0.077 $0.080 $0.082 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.156 $0.175 $0.181 Local Taxes $0.000 $0.071 $0.080 $0.082 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate mirrors the industry revenue for cemeteries and crematoria growth rate reflected in the Statista data. - Local revenue estimates use the statewide average local REET rate of 0.479%. Data Sources - Department of Licensing, Cemetery endowment care