San Francisco Real Property Transfer Tax, Proposition N (November 2010)
Proposition N increases the tax rate for the sale of real estate valued at more than $5 million:
- For real estate sales of $5 million to $10 million, the rate will increase from 1.5% to 2.0%.
- For real estate sales of $10 million or more, the rate will increase from 1.5% to 2.5%.
- These increases also apply to real estate leases with a term of 35 years or more.
Election results are from the San Francisco elections division as of November 26, 2010.
The official ballot argument in favor of Proposition N was signed by:
- Supervisor John Avalos
- Chinese Progressive Association
- United Educators of San Francisco
- Sierra Club
- "San Franciscans voted overwhelmingly in November, 2008 for a progressive real estate transfer tax structure. Proposition N continues this important work of tax reform. Proposition N will help fund vital city services when the largest downtown office buildings are bought and sold. It will NOT impact homeowners or small property owners."
The official ballot argument in opposition to Proposition N was signed by:
- Supervisor Michela Alioto-Pier
- Supervisor Sean Elsbernd
- "Proposition N is unwise and unnecessary. By raising taxes on the sale of commercial and residential properties, Proposition N will lead to higher rents for residential units and commercial businesses. Now is the wrong time to pursue a policy that will create additional barriers to doing business in San Francisco. Stand with small businesses and hard-working San Franciscans and reject this job-killing tax increase."
Text of measure
The question on the ballot:
This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
|Proposition N: Shall the City increase its real property transfer tax rate to 2.0% for sales and long-term leases of real property valued at $5 million to $10 million and to 2.5% for sales and long-term leases of real property valued at $10 million or more?|
Path to the ballot
On July 27, 2010, the San Francisco Board of Supervisors voted 8-3 to put Proposition N on the ballot.
- Supervisors Avalos, Campos, Chiu, Daly, Dufty, Mar, Maxwell and Mirkarimi voted in favor of putting Proposition N on the ballot.
- Supervisors Alioto-Pier, Chu and Elsbernd voted against.
- San Francisco Voter Information Pamphlet
- Text of Proposition N
- List of local San Francisco ballot measures on the November 2, 2010 ballot