Create ballot initiative to raise property transfer taxes on sales above $400,000

Real Estate Transfer TaxBudgetCity Attorney

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.

Auto-generated summary. Source: official agenda documents.

Votes

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%

Moved by: Jael MyrickSeconded by: Gayle McLaughlin

Passed

5 to 2

Nathaniel BatesNay

Jovanka BecklesAye

Gayle McLaughlinAye

Jael MyrickAye

Vinay PimpléNay

Eduardo MartinezAye

Tom ButtAye