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RPTT Rebate Program <br />2 <br />September 27, 2001 <br />The proposed amendment to the RPTT is a rebate program designed to encourage <br />home ownership in the City of San Leandro. The rebates contained in the <br />amendment will ease the burden of high real estate prices on low income and <br />first-time homebuyers, and promote the seismic retrofit of single-family <br />residences. <br />The rebates included in the proposed ordinance are the ones that were discussed <br />with the City Council in July 2000. Any consideration for further amendments <br />will be taken up in the future. <br />Six groups of taxpayers are offered relief with this ordinance: <br />1. Sellers of single family residences or condominiums in San Leandro who <br />purchase another single family residence or condominium in San Leandro <br />within one hundred eighty (180) days of the sale; <br />2. Purchasers who qualify as a first-time homebuyer; <br />3. Purchasers who qualify as a low income homebuyer; <br />4. Owners of properties which are seismically upgraded within one year of <br />purchase; <br />5. Taxpayers who paid transfer taxes on a charitable donation of real <br />property; and <br />6. Owners of inherited single-family residences and inherited condominiums <br />(such transfers are exempt from the RPTT). <br />Current City Council Policy <br />• There is no rebate program or exemption in the current San Leandro RPTT. <br />Previous City Council Action(s): No previous City Council action has been taken. <br />City Council Committee Review and Action <br />• This ordinance was considered by the Finance Committee on June 13, 2001. <br />• On July 31, 2001 the Finance Committee reviewed recommended changes and <br />recommended that staff bring the ordinance and the resolution to the full Council. <br />Applicable General Plan Policy: Not applicable <br />Permits and/or Variances Granted: Not applicable <br />Environmental Review: Not applicable <br />5�� <br />