Create ballot initiative to raise property transfer taxes on sales above $400,000
In Plain English
Richmond currently charges the same transfer tax rate on all property sales regardless of price. The proposed initiative would create two rates: 1% for properties selling at $400,000 or less, and 1.5% for more expensive properties. If approved by voters, the higher rate on luxury properties would generate additional city revenue.
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Votes
Motion · Official minutes
Do the two tier approach as staff recommended and use the median amount cut-off of $400,000. A property valued at $400,000 or less will be taxed 1%; and at $400,001 or more the tax will be 1.5%
5 aye · 2 nay
Why This Vote Matters
Richmond will move forward with a two-tier property transfer tax that charges 1% on home sales of $400,000 or less and 1.5% on more expensive properties. The council voted 5-2 to advance this proposal to voters, with Bates and Pimplé dissenting. If approved by Richmond residents in a future election, the higher tax rate on luxury properties would generate additional revenue for the city. This proposal would replace the current system where all property sales are taxed at the same rate regardless of price.
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Related agenda records
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Documentary Transfer Tax Measure
Resolution to submit Real Estate Documentary Transfer Tax measure to voters
Special municipal election for transfer tax measure
Resolution calling and providing for a Special Election to be held on November 8, 2005, for the purpose of submitting to the voters an ordinance amending the City of Richmond Transactions and Use Tax Ordinance to increase the tax rate by one-half percent (1/2%)
Amending the Richmond Municipal Code to Include Wildfire Hardening in Real Property Transfer Tax Exceptions