Place measure on November ballot to raise transfer tax on luxury homes
In Plain English
Richmond currently charges a transfer tax when properties are sold. The proposed ballot measure would increase this tax to 1.25% for homes worth $1 million to $3 million and 1.35% for homes over $3 million. If voters approve the measure, the city collects more revenue from high-end real estate sales.
Auto-generated summary. Source: official agenda documents.
Votes
Motion · Official minutes
Approve consent calendar
7 aye · 0 nay
Related agenda records
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Real Estate Documentary Transfer Tax Initiative
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%)
Measure Q Sales Tax Revenue Discussion Referral