How Skagit County's agriculture affects the economy, both locally and globally.
Read Washington State University Research & Extension Fact Sheet.

Several Associated Press articles have hit the media today regarding the Flood Insurance Premium rise. NAR has worked vigorously to back a bill slowing the increase in rates to 18% per year, rather than the proposed 100% accelerated increase originally proposed.
President Obama signed the bill into law to slow the increase to 18% per year on Friday, March 21st, 2014.

Please familiarize yourself with the following articles, and stay in front of what will undoubtedly be a topic that your buyers will want your expertise on.

Nationally: Flood Insurance Hikes Still a Peril
Statewide: Flood insurance premiums set to rise in Washington
NAR: President Obama Signs Flood Insurance Bill Into Law

Any questions, please contact me at: rlwortham@gmail.com or 360-661-1500
Ron Wortham
Government Affairs Director
North Puget Sound Assoc. of REALTORS®

Rural Water Supply for Enough Water to End Home Building Moratorium
Washington REALTORS® reached out to local associations for their areas' possible inclusion in SB 6312. In its final version, Sen. Mary Margaret Haughen's (10th District) legislation narrowly applied to 3 basins in rural Skagit County. With a building moratorium in one basin already, this bill would ensure homes could be built by providing a limited amount of water for residential use and funding to the Department of Ecology for mitigation purposes. REALTOR® efforts were critical in reaching agreement with nearly all stakeholders. While the bill did not pass in the regular session, it may remain alive in the special session.
Even private small exempt wells could be impacted by the Dungeness Water Basin ruling. Washington REALTOR® water rights expert Bill Clarke explains during this radio interview which aired on KNOP Radio in Port Angeles.

Federal health care legislation imposes a 3.8% tax on homes sales!
By: WA Realtor Association
FICTION! An article is still circulating that mischaracterizes and overstates what is actually in the recently passed legislation. Here are the facts.
There is a new 3.8% Medicare tax for "High Income Filers" that goes into effect January 1, 2013. The tax is on unearned income and will apply ONLY to single filers with more than $200,000 of Adjusted Gross Income (AGI) and joint filers with more than AGI of $250,000. Unearned income includes interest, dividends, capital gains and net rents. Keeping in mind the income limitations above, real estate income that will be affected for high-income filers includes:

• Sale of a primary residence: If the gain from the sale of the property is below $250,000 (individual)/ $500,000 (couple) NO tax will have to be paid on the gain. The new Medicare tax would only apply to any gain realized over the $250K/$500K existing primary home exclusion that will bring the filers AGI over the $200K/$250K limits.
  
• Second Home/Investment property: The additional 3.8% tax will apply to the portion of the gain realized on the sale of a second home or investment property that will bring the filers AGI over the $200K/$250K limit.
• Rental Income: The portion of net rental income that exceeds the $200K/$250K AGI limits will be subject to the new 3.8% tax.