San Francisco Real Estate Transfer Tax Rates, Proposition N (November 2008)

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A San Francisco Change in the Real Property Transfer Tax Rate, Proposition N ballot question was on the November 4, 2008 ballot in San Francisco, where it was approved.

Proposition N increased the transfer tax rate to 1.5% for the sale of real estate worth $5 million or more. It did not increase the tax rate for the sale of real estate worth less than $5 million. Proposition N also extended the transfer tax to real estate leases of 35 years or more.

Election results

Proposition N
Approveda Yes 223,808 68.56%
These final, certified, results are from the San Francisco elections office.

Ballot question

The question on the ballot:

Proposition N: "Shall the City increase its transfer tax on sales of real estate worth more than $5 million to 1.5% and reduce the tax by up to 1/3 on sales of residences where the seller installed solar energy systems or made seismic safety improvements?"[1]

Path to the ballot

Proposition N was referred to the ballot on July 29, 2008 by a 9-2 vote of the San Francisco Board of Supervisors.

In favor: Supervisors Ammiano, Daly, Dufty, Elsbernd, Maxwell, McGoldrick, Mirkarimi, Peskin and Sandoval.

Against: Supervisors Alioto-Pier and Chu.

External links

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