Friday, November 12, 2010

Effective Dates for Local Ballot Propositions That Passed in the November 2010 General Election

BOMA San Francisco Members:

Please click here to view a memo from the City Attorney's office detailing the estimated effective dates for local propositions passed in the November 2010 General Election. This is of particular importance regarding the increase in the property transfer tax rate for sales of real estate that are valued at $5 million or more (Proposition N). Please review and share with others as needed.

Proposition N Details:

New transfer tax goes into effect 10 days after election results declared by Board of Supervisors, which means December 17, 2010.

See paragraph 1 of page two and last item on page 4 of the City Attorney's memo.

Sold Price between $5 and $10 million will rise from 1.5% to 2.0%
Sold Price over $10 million will rise from 1.5% to 2.5%

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