Mansions for Sale in Washington

Average Mansion and Luxury Home Prices in Washington

Medina	King	WA	1,600,000
Mercer Island	King	WA	950,000
Fall City	King	WA	800,000
Bellevue	King	WA	736,121
Deer Harbor	San Juan	WA	724,802
Sammamish	King	WA	713,000

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General
Washington is located in the Pacific Northwest region of the United States. The United States Census Bureau estimated the state's population was 6,549,224 as of 2008.

Economy
The 2007 total gross state product for Washington was $311.5 billion, placing it 14th in the nation. The per capita income was $42,702, 17th in the nation. Significant business within the state include the design and manufacture of jet aircraft (Boeing), computer software development (Microsoft, Amazon.com, Nintendo of America, Valve Corporation), electronics, biotechnology, aluminum production, lumber and wood products (Weyerhaeuser), mining, and tourism. The state has significant amounts of hydroelectric power generation.

Significant amounts of trade with Asia pass through the ports of the Puget Sound. See list of United States companies by state. Fortune magazine survey of the top 20 Most Admired Companies in the US has 4 Washington based companies in it, Starbucks, Microsoft, Costco and Nordstrom.

Taxes
The state of Washington has the least progressive tax structure in the U.S. It is one of only seven states that does not levy a personal income tax. The wealthiest one percent of Washington taxpayers pay 3.2% of their income in taxes. The poorest fifth of Washington taxpayers pay 17.6% of their income in taxes. The state also does not collect a corporate income tax or franchise tax. However, Washington businesses are responsible for various other state levies. One tax Washington charges on most businesses is the business and occupation tax (B & O), a gross receipts tax which charges varying rates for different types of businesses.

Washington's state sales tax is 6.5 percent, and it applies to services as well as products. Most foods are exempt from sales tax; however, prepared foods, dietary supplements and soft drinks remain taxable. The combined state and local retail sales tax rates increase the taxes paid by consumers, depending on the variable local sales tax rates, generally between 8 and 9 percent. An excise tax applies to certain select products such as gasoline, cigarettes, and alcoholic beverages. Property tax was the first tax levied in the state of Washington and its collection accounts for about 30 percent of Washington's total state and local revenue. It continues to be the most important revenue source for public schools, fire protection, libraries, parks and recreation, and other special purpose districts.

All real property and personal property is subject to tax unless specifically exempted by law. Personal property also is taxed, although most personal property owned by individuals is exempt. Personal property tax applies to personal property used when conducting business or to other personal property not exempt by law. All property taxes are paid to the county treasurer's office where the property is located. Washington does not impose a tax on intangible assets such as bank accounts, stocks or bonds. Neither does the state assess any tax on retirement income earned and received from another state. Washington does not collect inheritance taxes; however, the estate tax is decoupled from the federal estate tax laws, and therefore the state imposes its own estate tax.

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