Foreclosure relocation assistance

From the 2024 DOR Tax Exemption Study

82.45.030(3) - Foreclosure relocation assistance Description For real estate excise tax (REET) purposes, "total consideration paid" does not include any outstanding lien or encumbrances in favor of a governmental body or any relocation assistance provided during a foreclosure. Purpose REET taxes arm's-length purchases of real estate in situations where the purchase price reflects the market price. Governmental liens and relocation assistance are not part of the market price of a property. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this exemption would not increase revenues because currently no exemption taxpayers use it. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions No taxpayers currently use this exemption. We expect no usage during the forecasted period of this study. Data Sources Department of Revenue, Real estate excise tax data Additional Additional Information Information Category: Other Year Enacted: 1951 Primary Benefic