Santa Clara County Association of Realtors Officially Oppose Measure E

This position has been taken due to a lack of government accountability, an increasingly unfair burden on property owners to solve the housing crisis, and a possible decrease in housing supply from families feeling trapped in home as a result of higher point of sale costs.

This ballot measure looks to increase the real property transfer tax in the City of San Jose from $3.30 per $1,000 of assessed value (additional $1.10 is included from the County for a total of $4.40) to the new rates:

• Properties of $0 – $1,999,999.99 EXEMPT
• Properties $2,000,000 – $5,000,000 at 0.75%
• Properties $5,000,000.01 at 1.0%
• Properties $10,000,000 at 1.5%
• The official ballot language is as follows:

  “To fund general City of San Jose services, including affordable housing for seniors, veterans, disabled, and low-income families, and helping homeless residents move into shelters/permanent housing, shall an ordinance be adopted enacting a real property transfer tax including unrecorded transfers at these rates EXEMPT transfers under-$2,000,000 adjusted for inflation, $2,000,000 to $5,000,000 at 0.75%, $5,000,000.01 to $10,000,000 at 1.0%, and over $10,000,000 at 1.5%; generating approximately $70,000,000 annually, until repealed, with all money staying local?”