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San Francisco Real Estate Transfer Tax Rates, Proposition N (November 2008)
A San Francisco Change in the Real Property Transfer Tax Rate, Proposition N ballot question was on the November 4, 2008 ballot in San Francisco, where it was approved.
Proposition N increased the transfer tax rate to 1.5% for the sale of real estate worth $5 million or more. It did not increase the tax rate for the sale of real estate worth less than $5 million. Proposition N also extended the transfer tax to real estate leases of 35 years or more.
Election results
| Proposition N | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| 223,808 | 68.56% | |||
| No | 102,621 | 31.44% | ||
- These final, certified, results are from the San Francisco elections office.
Ballot question
The question on the ballot:
| Proposition N: "Shall the City increase its transfer tax on sales of real estate worth more than $5 million to 1.5% and reduce the tax by up to 1/3 on sales of residences where the seller installed solar energy systems or made seismic safety improvements?"[1] |
Path to the ballot
Proposition N was referred to the ballot on July 29, 2008 by a 9-2 vote of the San Francisco Board of Supervisors.
In favor: Supervisors Ammiano, Daly, Dufty, Elsbernd, Maxwell, McGoldrick, Mirkarimi, Peskin and Sandoval.
Against: Supervisors Alioto-Pier and Chu.
External links
- November 4, 2008 official San Francisco voter guide
- David Latterman's analysis of the November 2008 San Francisco local ballot measures
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- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.