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Council explores real-estate-excise-tax idea but staff warns funds are generally restricted to capital projects
Summary
Councilmember McCartney proposed researching a higher real-estate-excise tax (REET) to raise revenue when homes sell; staff cautioned that REET funds are typically restricted to capital projects and not available for ongoing public-safety operations, though recent state changes may allow limited flexibility requiring further legal review.
During the June 12 work session, Councilmember McCartney proposed researching whether increasing the real-estate-excise tax (REET) could raise meaningful revenue for the city while shifting the immediate tax incidence away from current homeowners and toward transactions when property is sold.
City staff…
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