Richmond, California, Real Estate Transfer Tax, Measure M (November 2016)
| Measure M: Richmond Real Estate Transfer Tax |
|---|
|
| The basics |
| Election date: |
| November 8, 2016 |
| Status: |
 Defeated
|
| Topic: |
| City tax |
| Related articles |
| City tax on the ballot November 8, 2016 ballot measures in California Contra Costa County, California ballot measures Local housing on the ballot |
| See also |
| Richmond, California |
A real estate transfer tax increase was on the ballot for Richmond voters in Contra Costa County, California, on November 8, 2016. It was defeated.
| A yes vote was a vote in favor of increasing the city's real estate transfer tax from 0.7 percent to 1 percent for property sold for less than $400,000 and 1.5 percent for property sold for $400,000 or more. |
| A no vote was a vote against increasing the city's real estate transfer tax from 0.7 percent to 1 percent for property sold for less than $400,000 and 1.5 percent for property sold for $400,000 or more. |
Election results
| Measure M | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| No | 23,198 | 71.41% | ||
| Yes | 9,287 | 28.59% | ||
- Election results from Contra Costa County Elections Division
Text of measure
Ballot question
The following question appeared on the ballot:[1]
| “ |
Shall the Ordinance to amend the City of Richmond’s Municipal Code to increase the City’s Real Estate Documentary Transfer Tax from .7% to 1% and 1.5%, based on the property’s sale price, 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 M Measure M has been placed on the ballot by the Richmond City Council. Measure M would make the following changes to the Richmond Municipal Code: Measure M would raise the Transfer Tax rate to 1% of the property’s sale price on transfers of property sold for an amount less than $400,000. Measure M would also raise the Transfer Tax rate to 1.5% of the property’s sale price on transfers of property sold for an amount equal to or greater than $400,000.[2] |
” |
| —Richmond City Attorney[1] | ||
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.
Recent news
The link below is to the most recent stories in a Google news search for the terms Richmond City tax. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.
See also
External links
Footnotes
- ↑ 1.0 1.1 Contra Costa County Clerk, "November 8, 2016, Measure M," accessed October 21, 2016
- ↑ 2.0 2.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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