Quote:
Originally Posted by Steely Dan
Anyway, details of new transfer tax are coming out.
Lower rate for under $1M, higher rates for over $1M and again over $1.5M
I can live with that.
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Looks like:
<$1M: 0.60% (down 0.15%, 20% decrease over current rates)
$1M-$1.5M: 2% (up 1.25%, 167% increase over current rates)
>$1.5M: 3% (up 2.25%, 300% increase over current rates)
And whether this goes into effect or not will be up to voters in 2024.
It's definitely an improvement over the original proposal and I'd be more tempted to vote for it if the money were going to something I felt had a half-decent ROI for taxpayers. The current plan is pretty devoid of details on how the money would be spent beyond "house the poor and homeless" which as we've seen in California can become a blackhole of government waste. Going to need more details around how the money will be spent before I can vote for that. The increase is also pretty significant... tripling the tax for basically all commercial real estate transactions... when the sector is already struggling...