Used floating homes

From the 2024 DOR Tax Exemption Study

82.08.034; 82.12.034 - Used floating homes Description The sale or long-term rental or lease of a used floating home is exempt from sales and use taxes. Purpose To provide consistent tax treatment for used floating homes and residential real estate. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.744 $0.866 $0.947 $1.051 Local Taxes $0.335 $0.389 $0.426 $0.473 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.794 $0.947 $1.051 Local Taxes $0.000 $0.357 $0.426 $0.473 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate mirrors the real estate excise tax growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. - Local revenue estimates use the statewide average local sales and use tax rate of 2.92%. - Rental receipts for long-term rentals are near zero or zero. Data Sources - King County Department of Assessments, Floating home data - Economic and Revenue Forecast Council, March 2023 forecast Additional Additional Info