Richmond, California, Measure H, Real Estate Transfer Tax (November 2018)
| Measure H: Richmond Real Estate Transfer Tax |
|---|
|
| The basics |
| Election date: |
| November 6, 2018 |
| Status: |
 Approved
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| Topic: |
| City tax |
| Related articles |
| City tax on the ballot November 6, 2018 ballot measures in California Contra Costa County, California ballot measures Local property on the ballot |
| See also |
| Richmond, California |
A real estate transfer tax was on the ballot for Richmond voters in Contra Costa County, California , on November 6, 2018. It was approved.
| A yes vote was a vote in favor of authorizing the district to increase the real estate transfer tax for properties with a sale price of over $1 million from 0.7 percent to 1.25 percent for sale prices below $3 million, 2.5 percent for sale prices between $3 million and $10 million, and 3.0 percent for sale prices over $10 million. |
| A no vote was a vote against authorizing the district to increase the real estate transfer tax for properties with a sale price of over $1 million, thereby leaving the rate at 0.7 percent. |
Election results
|
Richmond Measure H |
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|---|---|---|---|---|
| Result | Votes | Percentage | ||
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|
19,630 | 64.89% | ||
| No | 10,623 | 35.11% | ||
Text of measure
Ballot question
The ballot question was as follows:[1]
| “ |
Shall the Ordinance amending the City of Richmond’s Municipal Code, changing the Real Estate Documentary Transfer Tax so the tax rate for properties below $1 million does not increase, the rate for properties between $1 million to $3 million increases from .7% to 1.25%; the rate for properties between $3 million to $10 million increases from .7% to 2.5%; and the rate for properties over $10 million increases from .7% to 3.0%, be adopted?[2] |
” |
Impartial analysis
The following impartial analysis of the measure was prepared by the office of the Richmond City Attorney:
| “ |
Current Law Under the Richmond Municipal Code, there is a tax (“Transfer Tax”) on all real property transfers by deeds or any other document, for properties located in the City of Richmond, which are granted or otherwise conveyed to a purchaser. The Transfer Tax is currently levied at the rate of .7% of the property’s sale price. Measure H Measure H has been placed on the ballot by the Richmond City Council. Measure H would make the following changes to the Richmond Municipal Code: Measure H would raise the Transfer Tax rate to 1.25% of the property’s sale price on transfers of property sold for an amount equal to or more than $1,000,000 and less than $3,000,000. Measure H would also raise the Transfer Tax rate to 2.5% of the property’s sale price on transfers of property sold for an amount equal to or greater than $3,000,000 and less than or equal to $10,000,000. Measure H would also raise the Transfer Tax rate to 3% of the property’s sale price on transfers of property sold for an amount greater than $10,000,000 The Transfer Tax rate would not change for transfers of property sold for an amount less than $1,000,000. [2] |
” |
| —Richmond City Attorney[3] | ||
Full text
The full text of the measure is available here.
Path to the ballot
This measure was put on the ballot through a vote of the governing officials of Richmond, California .
See also
External links
Footnotes
- ↑ "Contra Costa County Board of Elections," "Statewide General Election Local Measures," accessed September 25, 2018
- ↑ 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ Richmond City Elections, "Impartial Analysis of Measure H," accessed September 29, 2018
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