San Juan County Land Bank
The San Juan County Land Bank Tax also known as Real Estate Excise Tax (REET) is a tax authorized by the voters of San Juan County pursuant to the enablement and requirements of Chapters 82.45 and 82.46 RCW:
- Is paid by the purchaser at a rate of 1% of the selling price
- Levied on each sale of real property in the county beginning December 6, 1990 for a 12-year period
- Proceeds to be used exclusively for preserving the natural heritage of the San Juan Islands
- The program is guided by the San Juan County Ordinance (Chapter 2.120 SJCC by Ordinance 21-2008) and has been reauthorized twice since its inception, now extending to 2026.
The purpose of the San Juan County Land Bank
is to preserve in perpetuity, areas in the County that have environmental, agricultural, aesthetic, cultural, scientific, historic, scenic, or low-intensity recreational value, and to protect existing and future sources of potable water.