{"id":62701,"date":"2026-04-03T03:00:21","date_gmt":"2026-04-03T01:00:21","guid":{"rendered":"https:\/\/housesmarketplace.com\/what-washington-state-agents-are-seeing-with-new-millionaires-tax\/"},"modified":"2026-04-03T03:00:21","modified_gmt":"2026-04-03T01:00:21","slug":"what-washington-state-agents-are-seeing-with-new-millionaires-tax","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/what-washington-state-agents-are-seeing-with-new-millionaires-tax\/","title":{"rendered":"What Washington state agents are seeing with new \u2018millionaires tax\u2019"},"content":{"rendered":"
\n

Washington state is entering a new policy era with its \u201cmillionaires tax\u201d \u2014 targeting high-income earners who shape the luxury real estate market.<\/p>\n

The law imposes a 9.9% tax on annual income above $1 million, with implementation expected in 2028 pending legal challenges.<\/p>\n

For real estate professionals, the policy could spell shifts in client behavior, transaction timing and investment strategy.<\/p>\n

While it affects only a small percentage of households \u2014 roughly half a percent of the population \u2014 these clients often dominate luxury and investment property activity.<\/p>\n

Jacob Weaver, managing broker at Bellevue, Washington-based Jacob Weaver Group, <\/strong>brokered by eXp Luxury Realty<\/strong>, said reactions among high-net-worth clients have varied widely.<\/p>\n

He\u2019s observed two main groups; those actively planning around the tax and those who accept it as part of broader societal considerations.<\/p>\n

\u201cOne group is seeing what\u2019s happening around the world and in our country, and they\u2019re saying, \u2018You know, there is a huge discrepancy in the ultra-high-net-worth individuals and middle class,\u201d Weaver told \u0416\u0438\u043b\u044c\u0435\u041f\u0440\u043e\u0432\u043e\u043b\u043e\u043a\u0430<\/strong>. \u201cAnd their general take is,\u2019 Yes, I\u2019m going to have to pay some more taxes.<\/p>\n

\u201cDo I love it? Not really. Is it maybe the best thing for our state and society. Probably.\u2019\u201d<\/p>\n

How the tax works<\/h2>\n

The tax <\/a>applies only to income above $1 million, leaving most households unaffected.<\/p>\n

Weaver emphasized that many high-net-worth individuals earn income through sophisticated strategies such as business structures, investments or real estate rather than straightforward salaries.<\/p>\n

\u201cThey\u2019re very creative and they\u2019ve got great advisors,\u201d he said. \u201cEverybody knows that. We\u2019re always in a changing ecosystem of taxes, opportunity, micro and macroeconomics, localized opportunity in certain markets.\u201d<\/p>\n

The final number of people truly affected by the tax will likely be smaller than what many expect, Weaver added.<\/p>\n

Even so, he explained, early signs of change were already emerging in client behavior.<\/p>\n

\u201cWe\u2019re seeing people who maybe had a timeline of moving out of state in the next five to 10 years accelerating a little bit,\u201d Weaver said. \u201cIt\u2019s people who maybe were planning on that anyway, that was part of the retirement plan \u2014 or it\u2019s where they wanted to eventually end up after they sold the company.<\/p>\n

\u201cI would say that timeline is getting compressed a little bit. Somebody who is going to be leaving in five, six or seven years, maybe now it\u2019s worth doing it in three.\u201d<\/p>\n

Overlap with capital gains taxes<\/h2>\n

\u0412\u0430\u0448\u0438\u043d\u0433\u0442\u043e\u043d<\/a> has already imposed a capital gains tax \u2014 with long-term gains above certain thresholds taxed at 7% and a 2.9% surtax on gains exceeding $1 million in a calendar year.<\/p>\n

Yet primary residence transactions remained largely exempt, an important distinction for agents to relay to clients wary of the millionaires tax, said Heidi Braund, designated broker at Seattle-based Corcoran Lifestyle Properties<\/strong>.<\/p>\n

\u201cThe tax implications aren\u2019t aren\u2019t going to hit when they sell their homes,\u201d she said. \u201cSo, that part is safe. The Seattle King County Realtors and the Washington state Realtors have lobbied that pretty hard. So, they saved the millionaires from when they sell houses to not have to pay taxes on their net proceeds.\u201d<\/p>\n

Aaron Abrahamson, an agent at Seattle\u2019s Coldwell Banker Danforth<\/strong>, highlighted general frustration among clients with the new millionaires tax and general taxation environment.<\/p>\n

\u201cWashington is taxing everybody out of it,\u201d he said. \u201cYou know, they\u2019re taxing us out of a comfortable living and people are tired of it.\u201d<\/p>\n

Potential luxury housing impact<\/h2>\n

Weaver said some clients are exploring new opportunities, particularly in second homes and \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u0430\u044f \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u044c<\/a>.<\/p>\n

Many of his high-net-worth buyers are looking for markets with better tax environments \u2014 such as Nevada, Palm Springs, Florida, and the Phoenix area.<\/p>\n

\u201cWe\u2019re seeing that in Nevada there\u2019s a lot of great luxury product that\u2019s being built, both condos as well as single-family homes,\u201d Weaver said. \u201cYou\u2019ve got just some monster mansions in Henderson and you also have the Four Seasons development (in Las Vegas).<\/p>\n

\u201cThose types of projects are facilitating these secondary home plays for people from California and now more so from Washington, who have high tax rates and a desire to get into a better tax environment.\u201d<\/p>\n

Abrahamson also noted that some ultra-wealthy clients had already left the state.<\/p>\n

\u201cA couple of friends I have, very, very wealthy individuals,\u201d he said. \u201cThey have both gone outside of the state and purchased and are building new properties, new homes for themselves. These are homes that they wouldn\u2019t be able to build here because of all the taxes and permits anymore. So, they\u2019re done. They left.\u201d<\/p>\n

Braund envisioned future impact from the millionaires tax but said, for now, business has remained relatively stable.<\/p>\n

\u201cWe\u2019re still seeing multiple offers over here in the ($1 million to $2 million) range,\u201d she said. \u201cI can imagine, at some point, maybe the houses in that upper range may come down in price and bring some lower-end buyers up to that range. I can see maybe a laddering effect, but I don\u2019t see that yet.\u201d<\/p>\n

While Washington\u2019s wealth tax could influence high-end real estate, market fundamentals remain strong and guidance from agents is helping clients navigate an evolving status quo.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Washington state is entering a new policy era with its \u201cmillionaires tax\u201d \u2014 targeting high-income earners who shape the luxury real estate market. The law imposes a 9.9% tax on annual income above $1 million, with implementation expected in 2028 pending legal challenges. For real estate professionals, the policy could spell shifts in client behavior, […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-62701","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nWhat Washington state agents are seeing with new \u2018millionaires tax\u2019 - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/what-washington-state-agents-are-seeing-with-new-millionaires-tax\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Washington state agents are seeing with new \u2018millionaires tax\u2019\" \/>\n<meta property=\"og:description\" content=\"Washington state is entering a new policy era with its \u201cmillionaires tax\u201d \u2014 targeting high-income earners who shape the luxury real estate market. 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