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File #: 160604    Version: Name: Initiative Ordinance - Business and Tax Regulations Code - Increase Real Property Transfer Tax on Properties of At Least $5,000,000
Type: Motion Status: Passed
Introduced: 5/24/2016 In control: Clerk of the Board
On agenda: Final action: 7/19/2016
Enactment date: Enactment #: M16-092
Title: Motion ordering submitted to the voters, at an election to be on held November 8, 2016, an ordinance amending the Business and Tax Regulations Code to increase the Real Property Transfer Tax rate from 2% to 2.25% on properties with a consideration or value of at least $5,000,000 and less than $10,000,000; from 2.5% to 2.75% on properties with a consideration or value of at least $10,000,000 and less than $25,000,000; and from 2.5% to 3% on properties with a consideration or value of at least $25,000,000, and to clarify the application of the Real Property Transfer Tax to transfers of ownership interests in legal entities; and increasing the City’s appropriations limit by the amount of the tax increase for four years from November 8, 2016.
Sponsors: Jane Kim, David Campos, Aaron Peskin, Eric Mar, John Avalos, Norman Yee
Attachments: 1. Leg Ver1, 2. Leg Dig Ver1, 3. Referral FYI 060116, 4. Referral PLN 060816, 5. Comm Pkt 062916, 6. Controller letter 062816, 7. Economic Impact Rpt 062916, 8. Board Pkt 071216, 9. Leg Ver2, 10. Leg Dig Ver2, 11. Board Pkt 071916, 12. Leg Final, 13. Elections Submission 072516
Related files: 160803
Legislation Details
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