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CITY OF SAN LEANDRO STAFF REPORT DATE: TO: FROM: BY: SUBJECT: September 27, 2001 John Jermanis, City Manager Michael H. White, Finance Director .P!` APPROVED AND FORWARDED TO CITY COUNCIL Cl1'70 913 John J. Jermanis City Manager al -pew � a 1- C 1761 a31 a Diane Dickstein, Interim Assistant Finance Director Amendments to the Real Property Transfer Tax SUMMARY AND RECOMMENDATION (0 -01-01 Staff recommends that Council approve an ordinance to amend Title 2, Chapter 2- 3 of the San Leandro Municipal Code to provide rebates and additional exemptions from the City's Real Property Transfer Tax (RPTT). The ordinance establishes a retroactive start date of January 2, 2001 and schedules a sunset date of June 30, 2003. If the ordinance is approved as an urgency measure, it will become effective immediately. Staff also recommends Council approval of a Resolution Amending Title 6, Chapter 7 Of The San Leandro Administrative Code Relating To The Real Property Transfer Tax And Adding Regulations Governing Rebates. The following issues should be noted: For any given fiscal year the ordinance restricts the first-time homebuyer rebate to one half the real property transfer tax generated on any eligible transaction. The ordinance restricts the first-time homebuyer rebate to properties purchased at or below 125% of the median price of single-family residences or condominiums sold in San Leandro calculated as of December of the preceding fiscal year. Transfers of San Leandro real property that take place on or after January 2, 2001, up to June 30, 2003 are eligible if they meet the qualifications. Subject to Council review and renewal, the ordinance will be rescinded as of June 30, 2003. BACKGROUND The City of San Leandro added the Real Property Transfer Tax to the Municipal Code in December 1967. The current RPTT rate of $6 per $1,000 of the sales value of real estate purchased in San Leandro was adopted in 1993. 5a0