Your home may not be a mansion. But you might still have to pay a 'mansion' tax.

[Yo_Mama_Been_Loggin]

Tim Lombardo is ready to sell his Seattle home. Based on the sale prices of similar properties in the area he expects to list his four-bedroom, two-and-a-half bath lake house at between $1.4 million and $1.7 million. But selling in that range could put him right in the middle of a coming tax change in Washington.

"If my house sells for $1,500,001, that one dollar costs me an additional $22,000," said Lombardo. "My house falls in the crosshairs of this new law."

Beginning in January, homeowners in Washington will soon pay a real estate tax that increases based on the sale price of their home. Under the new provision, the tax rate on properties that sell above $1.5 million will more than double, rising from 1.28% to 2.75%. Homes that sell for more than $3 million will be taxed at 3%.

Most real estate deals in the US trigger what is known as a transfer tax. But certain states -- including Connecticut, Hawaii, New Jersey, Vermont and New York -- levy an additional transfer tax on homes that sell above a certain price. This is often referred to as a "mansion tax."

https://www.msn.com/en-us/money/realestate/your-home-may-not-be-a-mansion-but-you-might-still-have-to-pay-a-mansion-tax/ar-AAJwzuM?li=BBnbfcN#image=AAJwzuM_1|1

That looks like a nice house but definitely not a mansion.

Real estate prices are getting really ridiculous. I live in Everett's Silver Lake neighborhood. There is a new 3 bedroom 1400 sq ft house a stone's throw from my place. The asking price was $560,000.

The place sold pretty quickly so I assume it went for at least the asking price.

[KT2000]

1. I don't see a problem

$22,000 for a $1.5 million is not that big a deal. It also says it is a lake house which could make it mansionish.
Buyers are having a hard time now but anyone selling a house they held more than a few years are making out like bandits.
Lots of houses in the Puget Sound area are nothing more than financial instruments - flips, investment holdings for Americans and foreign investors.

[ret5hd]

2. Now really...if you have a choice between...

Selling for $1,500,000 or selling for $1,500,001 minus $22,000, what are you gonna do Mr. Lombardo? What are you gonna do?

You can’t spout bullshit like that and not be called on it Mr. Lombardo.

[Yo_Mama_Been_Loggin]

6. I don't think he sold it for that price

He was contemplating that however.

Obviously if he sold for a bit less he'd make more money.

[PSPS]

3. LOL. This "Lombardo" guy is pretty dumb.

First, he should learn addition and subtraction.

Second, I'm sure he'll cry all the way to the bank with his windfall despite it being deflated by a whopping 1.3 %.

OH, THE HORROR!!111!!!

[enki23]

4. Maybe he start a gofundme to make up the difference.

.

[Midnight Writer]

5. I wish I had the means to be charged a "mansion tax".

I'm retired and never made a cumulative 1.5 million in my whole life.