Submit ballot measure to change real estate transfer tax with tiered rates
In Plain English
The city currently charges a flat tax when properties are sold. This ballot measure would create different tax rates based on property value, with higher rates for expensive properties. If approved by voters in November, the city collects more revenue from luxury home sales while keeping rates lower for modest properties.
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Votes
Motion · Official minutes
Adopt Resolution No. 71-18
7 aye · 0 nay
Why This Vote Matters
The council unanimously approved placing a property transfer tax reform measure on the November ballot. Instead of the current flat tax on all property sales, voters will decide whether to adopt a tiered system that charges higher rates on expensive properties while keeping lower rates for modest homes. This could generate additional city revenue from luxury real estate transactions without increasing costs for typical homebuyers. The measure represents a common approach cities use to fund services while asking those purchasing high-value properties to contribute more.
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