League of Women Voters of California
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Measure H Property Transfer Tax City of Albany City Charter Amendment 2813 / 58.2% Yes votes ...... 2019 / 41.8% No votes
See Also:
Index of all Measures |
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Results as of Nov 15 4:54pm, 100.0% of Precincts Reporting (11/11) |
Information shown below: Impartial Analysis | Arguments | | ||||
Shall the Albany Municipal Code, Chapter 4-5 entitled "Real Property Transfer Tax" be amended to provide for an increase in the tax rate and to clarify when business entities that transfer shares or interests in the company are obligated to pay the tax, to read as is set forth in the Voter Pamphlet?
If this measure is approved by the majority of voters, the tax would be increased to one hundred fifteenths (115/100) of one percent (1%) or $11.50 per $1,000.00, effective January 1, 2003.
This measure also contains a section which modifies how the Albany
Municipal Code defines what constitutes a transfer when title to property is held
in the name of a business. The proposed measure defines a transaction as a
transfer subject to the real property transfer tax when a corporation, partnership,
or other business entity owns property in the business entity's name and sells its
stock, shares, or interest. For example, if a business entity which owns the racetrack,
also owns the real property and sells its stock or shares, a tax would be
imposed on the value of the land. If this measure is not approved, then properties
held in corporate or business names would not be subject to the transfer tax
when the business or corporation is sold.
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Arguments For Measure H | Arguments Against Measure H | ||
While the cost to provide police, fire, maintenance, and other City services continue
to rise, Albany revenues are not keeping pace with these costs. A signifi-
cant cause of the shortfall in revenue is the action by the State of California to
take away property-tax revenue from cities. Over the past ten years, Albany has
lost more than $5 million to the State and continues to lose more than $500,000
annually.
The City of Albany still remains vulnerable to a State take-away of our local revenues. As the State budget picture worsens, local government funds are targeted to solve the State budget deficit. We now receive less than 20 percent of your property tax dollar, and more could be lost. Meanwhile, the City has its own budget problems as it seeks to continue to provide the high quality and responsive services valued by our residents within the modest tax base of this primarily residential community. As other cities have done, Albany is seeking an increase in the property transfer tax to help fund city services. This tax is paid only when a property is sold and the seller and buyer usually share the cost. This tax is not an ongoing cost to the taxpayer.
Albany needs revenue to operate city services. Please join us in supporting the
increase in the property-transfer tax. Vote "Yes" on Measure H.
s/TONY CAINE, Albany Resident s/WILLIAM McKENNA, Albany resident | This measure will increase the property transfer tax by about 30%. It will cost
about $1200 more to sell a $400,000 property. This is another example of how
Albany politicians pounce on property taxes as their primary source of new
funding.
City Hall sees property taxes as a funding source of first resort instead of the
last resort it should be. They do not work hard enough at finding new sources
of funding and let funding sources which do not suit their political agendas
(such as the voter approved cardroom) fall by the wayside. We can send them a
message that enough is enough. The most effective way to do this is to vote
down all three measures. Yes, it will force some austerity and discomfort on
City Hall but it is the best way to send them in a new direction. Otherwise, you
can expect more of these tax increases to appear on future ballots.
The property transfer tax is very favorable funding for Albany because:
Albany needs reliable revenue to consistently operate police, fire, maintenance,
and other city services for our benefit. Please join us in supporting the increase
in the property-transfer tax. Vote "YES" on Measure H.
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