A transfer tax is a tax on the passing of title to property from one person (or entity) to another. This kind of tax is typically imposed where there is a legal requirement for registration of the transfer, such as transfers of real estate, shares, or bond. In the United States, the term transfer tax also refers to Estate tax and Gift tax, and may in a broader sense be also applied to capital gains tax, sales tax on goods.
- adapted from Wikipedia: Transfer tax.
where/how allowed - see Cruz, below.
San Francisco[edit source]
San Francisco Real Estate Transfer Tax Increase, Proposition W (November 2016) was approved.
A yes vote was a vote in favor of increasing the tax on the sale of houses and property from 2 percent to 2.25 percent for properties sold for between $5 million through $10 million, from 2.5 percent to 2.75 percent for properties sold for between $10 million through $25 million, and from 2.5 percent to 3 percent for properties sold for $25 million or more. https://ballotpedia.org/San_Francisco,_California,_Real_Estate_Transfer_Tax_Increase,_Proposition_W_(November_2016).
San Francisco Real Property Transfer Tax, Proposition N, was on the November 2, 2010 ballot and approved by voters.
- Proposition N increases the tax rate for the sale of real estate valued at more than $5 million:
- For real estate sales of $5 million to $10 million, the rate will increase from 1.5% to 2.0%.
- For real estate sales of $10 million or more, the rate will increase from 1.5% to 2.5%.
- These increases also apply to real estate leases with a term of 35 years or more.
- Cruz, Dena M., and Scott Rogers. "A Practical Guide to Transfer Taxes in California." California Real Property Journal (State Bar of California), Vol 23 No 2, Spring 2005. http://www.rutan.com/files/Publication/a6ffb8d9-694d-4faa-8704-6f0868b07764/Presentation/PublicationAttachment/7995c6cd-7ebf-4352-9956-7177327d6e0a/RogersTax%20Article.pdf.
- McDermid, Riley. "San Francisco home values soared $131 billion in 2015." SF Business Journal, Jan 4, 2016. http://www.bizjournals.com/sanfrancisco/blog/real-estate/2016/01/san-francisco-home-values-zillow.html.
- San Francisco Real Property Transfer Tax, Proposition N (November 2010). (on Ballotpedia).
- San Francisco Real Estate Transfer Tax Increase, Proposition W (November 2016) (on Ballotpedia).
- Twu, Alfred. "Debunking 'not enough money to build enough affordable housing.'" SF Bay Area Renters Federation mailing list, 17 May 2017. https://groups.google.com/forum/#!topic/SFBArentersfed/0kRrvSdKuYk.