Washington's Millionaires Tax Explained for Homeowners

Washington's new millionaires' tax has created a lot of confusion for homeowners across King County and Snohomish County. Some sellers are rushing to list their homes, while others are delaying major real estate decisions because they're worried about how the new law could affect them.

But here's the question: Does Washington's new income tax actually apply to the proceeds from selling your home?

In this video, Seattle Realtor Emily Cressey breaks down what the law says, what is excluded, and why so many homeowners may be reacting to headlines instead of facts.

You'll learn:
✔ What Washington's new millionaires' tax actually covers
✔ Whether home sale proceeds are included
✔ How the existing Washington capital gains tax fits into the picture
✔ Why luxury listings have surged across the region
✔ What sellers in Shoreline, Kenmore, Lake Forest Park, Edmonds, and the Greater Seattle area should consider before making a move
If you're thinking about selling your home and want to know your real numbers, not just the headlines, I'd be happy to help.

📲 Text HOME to 206-245-8813 for a personalized seller net sheet.
🌐 Visit HomeProAssociates.com for more Seattle real estate resources.

0:00 Washington Income Tax & Real Estate Decisions: The Missing Piece
0:14 Does the New Tax Change Your Home Selling Math?
0:22 What Is Washington's "Millionaire's Tax"?
1:04 SB 6346: Timeline & What Actually Passed
1:26 Market Reaction: 64% Spike in Listings
1:45 Luxury Segment Impact: $2M+ Homes Surge 65%
2:34 Critical Exemption: Real Estate Proceeds Are Excluded
2:44 Primary Residence $500K Profit Exemption (Married Filers)
2:59 Capital Gains Tax vs. Income Tax: What Applies to Home Sales
3:32 Home Sales Exemption: Still Fully Intact Since 2022
3:41 What The Tax DOES Apply To: Wages, Investment Income, Business Revenue
4:03 High Earners Decision: Financial Planning Beyond Home Sale
4:29 Is This Tax Constitutional? Legal Challenges & Repeal Possibilities
5:24 Will the Law Be Contested? State Supreme Court & Elections
5:53 Income Cap Projections: Is $1M the Final Threshold?
6:06 Washington's Tax Rate: 9.9-10% (Highest in the Country)
6:21 The 30-Day Rule: Physical Presence Restrictions to Escape Nexus
6:37 Luxury Market Softening: Migration of High-Earners
6:55 Regular Home Market: Below $1M Homes Selling Strong
7:15 Median Price Homes Still Competitive (No Bidding War Slowdown)
7:34 Long-Term Economic Impact: Business Departures & Employer Concerns
7:54 Book a Free Consultation About Selling Your Home

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