(1) Imposition. Pursuant to RCW 82.46.035, there is imposed an additional excise tax on each sale of real property constituting a taxable event as defined in Chapter 82.45 RCW, and occurring within the corporate limits of the City. The tax imposed under this section shall be collected from persons who are taxable by the State under Chapter 82.45 RCW and such tax shall comply with all applicable rules, regulations, laws and court decisions regarding real estate excise taxes as imposed by the State under Chapter 82.45 RCW.

(2) Tax Rate. The rate of tax imposed by this section, pursuant to RCW 82.46.035, shall be one-quarter of one percent of the selling price of all real property upon which this tax is imposed by subsection (1) of this section.

(3) Use of Proceeds. Revenues generated from the tax imposed by this section shall be placed by the City Manager or authorized designee into the City’s Real Estate Excise Tax Second Quarter of One Percent Fund to be used solely for the financing of capital projects specified in the Capital Facilities Plan element of a Comprehensive Plan approved by the City Council. (Ord. 21-10 § 2; Ord. 26-05 § 2; Ord. 11-97 § 2)