Policy makers, including Mayor Ed Lee, are proposing an increase in the rate of a tax home owners pay whenever they sell real property. The tax is called the real property transfer tax and it is collected on the total sale price of any property sold—regardless of whether the seller makes any money on the sale.
It is critically important for home owners to contact the mayor to express their opposition to any increase in the rate of the real property transfer tax AND urge the mayor to cut the fat out of the city budget.
Requiring a small group of property owners, i.e., those involved in sale transactions each year, to pay millions of dollars of increased taxes during a period of economic weakness is totally unfair.
An increase in the transfer tax rate will hurt elderly persons who are selling their homes in anticipation of retirement and must conserve their financial resources.
The answer to the city’s fiscal problems lies in improving the efficiency of government, not in increasing taxes. The fat must be cut out of the city budget.