Are San Francisco Real Property Transfer Tax Rates Heading for a Hike?
SF Realtors Advantage Online Two supervisors, Aaron Peskin and Jake McGoldrick, have proposed increases in the rate of the city’s real property transfer tax. Both proposals are intended to leave the rate for less expensive properties unchanged while focusing on properties in the mid- to high- price range. State law requires tax increases affecting real property to appear on the ballot and to be approved by a two- thirds vote of the electorate for passage. It is not known at this time whether either or both of the proposals will appear on the municipal ballot in November. To provide a basis for comparison, set forth below are the current transfer tax rates, as well as those proposed by Supervisors Peskin and McGoldrick. Changes to the transfer tax ordinance currently in effect are underlined. Current Rate Structure: · Over $100 and less than or equal to $250,000 = .50% · More than $250,000 and less than $1 million = .68% · Equal to or more than $1 million = .75% Proposed Rate Structure
