MO 2001-056 to 2001-060 - Laserfiche WebLink

Home

CITY OF SAN LEANDRO MEMORANDUM DATE: June 13, 2001 TO: Finance Committee FROM: Mike White, Acting Finance Director SUBJECT: Ordinance Providing for Additional Exemptions from the Real Property Transfer Tax The attached draft Ordinance Amending Title 2, Chapter 2-3 of the San Leandro Municipal Code (Ordinance) provides for additional exemptions from the City's Real Property Transfer Tax (RPTT) levy. The City currently receives RPTT of $6 for every $1,000 of the sale price of real property sold in San Leandro. The Ordinance will exempt transactions from RPTT that meet the following criteria: Sale and Purchase of a Primary Residence in San Leandro - RPTT will not to apply to sale transactions involving single-family residences or condominiums if, within six months prior to the sale, the purchaser sold a single-family residence or condominium on which the purchaser claimed a homeowner's property tax exemption. Seismic Retrofitting - Purchasers of single-family residences will receive a credit against the RPTT levy if they complete qualifying seismic retrofitting work on the residence within twelve months of the purchase date. The purchaser will receive a full exemption from RPTT if the certified cost of the work is greater than or equal to the amount of the RPTT levy. Otherwise, the purchaser will receive a dollar -for -dollar credit against the RPTT levy. First-time Homebuyers - RPTT will not apply to purchases of single-family residences or condominiums if the purchaser is a first-time homebuyer who claims the property tax homeowner's exemption. This exemption is available to the purchaser off. Low-income Homebuyers - RPTT will not apply to purchases of single-family residences if the purchaser is a low-income homebuyer who claims the property tax homeowner's exemption. This exemption is available to the purchaser only. Inherited Property - RPTT will not apply to any person who inherits a single-family residence or condominium in San Leandro. ?, . )3