pages: CityCouncil/2008-07-15.pdf, 7
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2008-07-15 | 7 | The Deputy City Manager responded real property transfer tax is only an option for Charter cities; stated currently, Albany's tax rate is $11.50 per $1,000 value; Albany voted to place a measure on the ballot to increase the tax rate to $14.50; Berkeley's tax rate is $15.00; Hayward's tax rate is $4.50; Oakland's tax rate is $15.00; Piedmont's tax rate is $13.00; San Leandro's tax rate is $6.00. Councilmember deHaan inquired when the tax was raised last. The Deputy City Manager responded initially, the tax was imposed in 1967 and was fifty-five cents per thousand; stated the tax was raised to $2.20 per $500 value in 1978; the tax was raised to $5.40 per $1,000 value in 1993. Mayor Johnson inquired whether an option could be to raise the tax rate on a step basis. The City Attorney responded a CPI adjustment is not recommended ; stated a step base would require a very specific number on a specific schedule. Mayor Johnson inquired whether a step percentage basis would be an option. The City Attorney responded percentages are not done for real property transfer taxes. The Deputy City Manager stated that Mayor Johnson was referring to $12.00 for the first $700,000 value and a different amount for the balance. The City Attorney stated such formula could be done. The Deputy City Manager stated a $12.00 tax rate would generate an additional $5 million for a total of $9. 1 million; Berkeley and Oakland make fifty cents of the $15.00 rate available to property purchasers for seismic retrofits; adding fifty-cents for seismic retrofitting would turn the tax into a special tax and would require a two-thirds vote. Councilmember deHaan inquired when Oakland's tax rate was increased. The Deputy City Manager responded that she did not know; stated information she has dates back to June, 2006. Regular Meeting Alameda City Council 7 July 15, 2008 | CityCouncil/2008-07-15.pdf |