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Albany council discusses tiered transfer tax as staff will return with scenarios
Summary
Council discussed options to change the city's real property transfer tax, including progressive/tiered rates and discounts for certain buyers; staff will model scenarios and return with analysis after council guidance.
The Albany City Council received a staff presentation on Oct. 6 about a potential change to the city's real property transfer tax as a revenue source for core city services and directed staff to return with additional scenario analysis.
A staff presenter summarized how Albany's transfer tax has moved from $11.50 per $1,000 to the current $15 per $1,000 and that the tax generates roughly $2.5 million to $3 million annually but is volatile because it tracks housing-market activity. Staff noted charter cities may set local…
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