All residents of Richmond will benefit from the funds raised by Measure H.
By increasing the tax on the sale of luxury real estate we will help:
- Expand the vital youth services like after school programs, and education and career support
- Ensure City jobs pay living wages
- Invest in programs for local Seniors and those living with disabilities
- Balance Richmond’s annual budget
While the economy is booming, Richmond still struggles to cover necessary city services and invest in our future. This increase, to the current tax on the sale of luxury real estate, will help close this funding gap.
Based on City of Richmond statistics, in approximately the last 2,400 property transactions in Richmond, only about 3% of the transactions would have been affected by this measure. The increase in transfer tax will only apply to luxury residential and commercial property sold for one million dollars or more.
In the hottest real estate market in recent memory, it is fair that all Richmond residents benefit from the sky-high property prices.