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Supervisors advance proposal to raise transfer tax on high‑value San Francisco properties to ballot
Summary
A proposed amendment would create two new higher transfer‑tax brackets for sales above $5 million and $10 million, projected to generate an average $35 million a year; the Budget and Finance Committee forwarded the measure to the full Board of Supervisors without recommendation after a controller’s office impact briefing and public comment.
Chair John Avalos brought the proposed amendment to the real property transfer tax before the Budget and Finance Committee and said the measure would target high‑value sales while leaving single‑family homeowner rates unchanged. The proposal would create a new bracket for property sales between $5 million and $10 million taxed at 2% (up from 1.5%) and a bracket for sales over $10 million taxed at 2.5% (up from 1.5%).
Ted Egan, chief economist in the controller’s office, summarized an economic impact report and said, “If you average…
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