Progressive Real Estate Excise Tax for Affordable Housing

Establishes a progressive real estate excise tax with graduated rates from 1.1% on sales under $525,000 to 3% on sales over $3.025 million, designed to shift tax burden toward higher-income households while funding affordable housing. The council approved support for this legislation as part of their state legislative agenda, with discussion emphasizing Washington's regressive tax structure and the need for revenue equity.