Hadn’t noticed this one before:
“A City of San Francisco Transfer Tax on Residential Property Re-Sold in Five Years, Proposition G ballot question was on the November 4, 2014 election ballot for voters in the city of San Francisco, California. It was defeated.
Proposition G imposed an additional tax on the sale or transfer of multi-unit property that has been owned for less than five years. Details about the tax are in the San Francisco Ballot Simplification digest.
|City of San Francisco, Proposition G|
Election results via: City and County of San Francisco Registrar of Voters
The San Francisco Ballot Simplification Committee provided the following digest for Proposition G:
|“||THE WAY IT IS NOW:The City collects a transfer tax on sales of most real property in San Francisco. The tax rate depends on the sale price of the property. The lowest tax rate is 0.5%, for property sold for $250,000 or less. The highest tax rate is 2.5%, for property sold for $10,000,000 or more. The tax rate is not affected by how long a property is owned.THE PROPOSAL:
Proposition G would impose an additional tax on the total sale price of certain multi-unit residential properties that are sold within five years of purchase or transfer. The following table shows the tax rates that would apply:
Length of Time Seller Has Owned Property – Tax Rate:
This additional tax would apply to sales occurring on or after January 1, 2015.
This additional tax would not apply in the following circumstances:
This measure would also authorize the Board of Supervisors to create additional exemptions from both the existing transfer tax and this proposed additional tax for properties that are subject to affordability-based restrictions.
A “YES” VOTE MEANS: If you vote “yes,” you want the City to impose an additional tax of between 14% and 24% on the total sale price of certain multi-unit residential properties that are sold within five years of purchase or transfer, subject to certain exceptions.
A “NO” VOTE MEANS: If you vote “no,” you do not want the City to impose this additional tax.