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.
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