What is a “transfer tax”?
- When an owner sells property there is a ‘transfer tax’ that is split between the seller and the buyer.
What property will be taxed under Measure H?
- Measure H will raise the transfer tax only on luxury property sold for $1 million or more.
How much will this tax raise?
- Depending on the real estate market, Measure __ will raise between $2.5 to $4 million dollars annually.
What will the new funds go towards?
- The funds will go to the general fund to be used to fund programs like youth services, business programs and City jobs.
What are the Measure H Transfer Tax Tiers?
- Properties $0-$1 Million transfer tax remains the same at 0.70%
- Properties $1M - $3M transfer tax 1.25%
- Properties $3M - $10M transfer tax is 2.5%
- Properties $10M and above transfer tax is 3%