UPDATE: Effective Dates for Local Ballot Propositions That Passed in the November 2010 General Election - Transfer Tax Ordinance

BOMA San Francisco Members:

On December 7, 2010, the San Francisco Board of Supervisors certified the voter approved Proposition N (please click here for our blog posts on this issue), which took effect on December 17, 2010.  In short, Prop. N amends the San Francisco Transfer Tax Ordinance as follows:

• The transfer tax rate is increased from 1.5% to 2% when the “consideration for” or “value of the transfer” is $5 million or more, but less than $10 million.
• The transfer tax rate is increased from 1.5% to 2.5% when the “consideration for” or “value of the  transfer” is $10 million or more.
• The increased transfer tax rates also apply to leasehold interests having a remaining term (including renewal options) of equal or greater than 35 years. 

EFFECTIVE TAX RATES

                                                                
If entire value or consideration; tax rate for entire value or consideration is:

• More than $100 but less than or equal to $250,000
• $2.50 for each $500 or portion thereof;
• More than $250,000 but less than  $1,000,000
• $3.40 for each $500 or portion thereof;
• $1,000,000  or more but less than $5,000,000
• $3.75 for each $500 or portion thereof; 
• $5,000,000  or more but less than $10,000,000
• $10.00 for each $500 or portion thereof;
• $10,000,000  or more
• $12.50 for each $500 or portion thereof.

If you have any questions, please contact Phil Ting, Assessor-Recorder for the City and County of San Francisco by clicking here.