Vote no on Measure O, which would make the city transfer tax for some sales the highest in California.
When you sell your home in Emeryville, the city skims off 1.2% of the sales price. They call it a transfer tax. So, for example, the owner of a $500,000 property pays the city $6,000 right off the top from the proceeds.
But cities that operate under their own charters, as opposed to the general laws set by the state, can add their own transfer taxes with majority approval of voters. The 26 charter cities that have done so have much higher total transfer tax rates — as much as 15 times higher than the standard county rate. Emeryville is already one of the worst.
City Council members claim the record 2.5% rate in Measure O for sales at more than $2 million is aimed at making larger commercial properties pay a more equitable share toward city services. That’s bogus. You don’t buy large commercial properties for as little as $2 million.
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