Oakland Measure FF: Closing a loophole in real estate transfer taxes
Usually, when real estate is sold in Oakland, the City collects up to 2.5% of the sales price. Currently foreclosed properties are not subject to this tax. Oakland Measure FF aims to close a loophole in real estate transfer taxes, which currently only covers up to 2.5% of the sales price of foreclosed properties in the city of Oakland. If passed, Measure FF would enforce this tax for foreclosure sales of large commercial or apartment buildings and transactions by big banks and investors who already own more than 20 properties or have assets over $10 billion. It is projected to raise anywhere from $4 to $14 million annually for Oakland's General Fund. Proponents argue that this tax will increase revenue during economic downturns and help balance city revenues when the real estate market crashes. No organized opposition has been reported.
Publicerad : 3 dagar sedan förbi Jess Clark i Politics Finance
Usually, when real estate is sold in Oakland, the City collects up to 2.5% of the sales price as a transfer tax. Currently foreclosed properties are not subject to this tax.
If passed, Measure FF wou... [1148 symbols]
Ämnen: Taxes, Real Estate, US Politics
