From the Bay Area Reporter: Proposition G: Additional Transfer Tax on Residential Property Sold Within 5 Years of Purchase. NO. The city collects a transfer tax on sales of most real property in San Francisco, the exact amount depending on the sales price. This proposition 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 of as much as 24 percent, the exact percentage scaling down to 14 percent the fifth year. Prop G is a misguided attempt to address the skyrocketing rents and housing costs in San Francisco that casts its web too far and too wide. There are many legitimate reasons that an owner of a multi-unit property would need to sell his/her property within five years of purchase that have nothing to do with the speculation it seeks to stop. Moving due to death or illness for example. Or an employment opportunity in another city. Additionally, this is not a tax just on the profit from a sale. It is a tax on the entire sales price. This makes no sense at all. It would turn modest profits into devastating losses. Definitely a bad idea. Vote NO on G.
Posted on: Fri, 17 Oct 2014 13:39:34 +0000
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