4.24.010 Imposition of Tax.
There is imposed on each sale of real property situated in the unincorporated areas of the County a tax equal to one-quarter of one percent of the selling price effective January 1, 1986.
A. Revenues generated from the tax imposed in this Section shall be used solely for financing capital projects specified in Title 19E PCC, the Capital Facilities Plan Element of the Pierce County Comprehensive Plan, and housing relocation assistance under RCW 59.18.440 and 59.18.450. However, revenues pledged by the County to debt retirement prior to April 30, 1992, may continue to be used for that purpose until the original debt for which the revenues were pledged is retired. The definition of capital projects, as used in this Section, shall be the same as set forth in RCW 82.46.010(6).
B. The County Auditor shall place one percent of the proceeds of the taxes imposed under this Section in the County General Fund to defray the cost of collection.
C. There is hereby created a Real Estate Excise Tax Fund.
D. The Real Estate Excise Tax Fund shall contain the revenues received under this Section.