Additional facts to present to your State Reps:
#1
Passage of this bill would increase the tax base of the state without costing our citizens a penny. With the advent of the AMC system, 50% of the taxes, formerly paid by in state appraisers, are now being siphoned off by out of state companies.
Appraisers pay B&O tax on their income. If their income is slashed by 50% then their B&O contribution is also cut. Most of the AMCs are not registered to do business in this state so they are not paying B&O taxes..... or any of the other required taxes. WA is on the short end of the stick while the AMCs function out of low tax based states.
Washington's tax revenues are being diverted by big out of state companies. With the passage of this bill, the companies that are skimming off these tax dollars will licensed and have to report the revenue to the State. This is a perfect way to regain our tax revenue while not costing our citizens anything more.
#2
No one knows the numbers or ownership of these AMCs. We are aware that many AMCs are under criminal investigation, are owned by ex-convicts (people convicted of financial crimes) and have been directly involved with the failure of several Washington State Banks (due to poor appraisals). By licensing these entities we are trying to gain control of a situation before it gets worse.
Richard Hagar SRA
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