City of Alameda Real Estate Transfer Tax, Measure P (November 2008)
Measure P increased Alameda's real estate transfer tax--a tax that is levied whenever a property is sold--from $5.40 to $12.00 per $1,000 of value, for twenty years. A transfer tax on real estate is like a sales tax. The Alameda city council voted on July 15, 2008 to put P on the ballot believing they could solve the city's budget woes through this higher taxation.
- These final election results are from the Alameda County election office.
The question on the ballot:
|Measure P: "To maintain essential City services such as keeping existing fire stations open; maintaining neighborhood policing programs; improving traffic flow and pedestrian and bicycle safety; preventing recreation program cutbacks; and restoring previously reduced library hours; shall the City of Alameda increase the City real property transfer tax, charged when a property is sold, from $5.40 to $12.00 per $1,000.00 of value, limited to 20 years and subject to audits?"|
Impact on typical residence
For a typical home in Alameda priced at $612,900:
|Old tax||New tax|
Campaign against Measure P
A group organized a campaign against Measure P. Their arguments against it were:
- It unfair to expect the small number of buyers and sellers in any given year (approximately 1,200) to pay the deficit for city services that benefit the 72,600 people who live in Alameda.
- For the first time homebuyer, the new tax could represent too much additional cash to come up with to buy a house in Alameda. The seller, who wants to buy another home in Alameda, would have the “double whammy” of also having to pay the additional amount on the home that they are buying.
- "Property owners in Alameda are already subsidizing the hospital, library, and schools. Is it fair to expect these same people to subsidize the general budget? The Council made the comment that this was “the easiest way” to balance the budget. Easy for who? Definitely not the property owners or anyone who wants to buy real estate in Alameda for the next twenty years."
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