Local taxation: real property transfers.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Pending Referral
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires cities, including charter cities, to analyze the potential impact of any transfer tax on the sale of real property on the production of affordable and market-rate housing, as well as property tax revenue. The analysis must be posted on the city’s website before the tax is adopted. The bill argues that this issue is a matter of statewide concern, not just a local one.
Key provisions
- Cities must develop and post an analysis on their website.
- The analysis must examine the impact on affordable housing production.
- The analysis must examine the impact on market-rate housing production.
- The analysis must examine the impact on property tax revenue.
- The bill applies to all cities, including charter cities.
- The analysis must be completed before a transfer tax is adopted.
Who is affected
- Cities
- Charter Cities
- Real Estate Developers
- Homebuyers
- Local Governments
Notable changes
- Requires cities to conduct an impact analysis before adopting transfer taxes.
- Expands the scope of analysis to include market-rate housing production.
- Explicitly links transfer taxes to property tax revenue considerations.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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