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RPTT Rebate Program 3 September 27, 2001 <br />Code Compliance Review: Not applicable <br />Board/Commission Findings: Not applicable <br />Summary Of Public Outreach Efforts <br />• The Finance Committee meetings of June 13, 2001 and July 31, 2001 were <br />noticed in compliance with State law. <br />• Staff has been in contact with residents and members of the local realty and title <br />company communities. <br />Fiscal Impact <br />• For each fiscal year, using the formula of the rebate being equal to one-half (50%) <br />of the tax due on a purchase price no greater than 125% of the median home price <br />for the month of the preceding December, the maximum rebate amount will be: <br />SINGLE FAMILY CONDOMINIUMS <br />For Sales 125% of Maximum 125% of Maximum <br />Occurring Median Rebate Median Rebate <br />January 2, 2001 — $306,250 $919 $218,750 $656 <br />June 30, 2001 <br />July 1, 2001— $387,500 $1,163 $300,000 $900 <br />June 30, 2002 <br />• Due to the volatility of the housing market it is difficult to develop a reliable <br />estimate of the total financial impact. Staff will track the activity in the rebate <br />program and will present it in conjunction with the scheduled quarterly financial <br />reports. We anticipate minimal fiscal impact for administration of this program. <br />Budget Authority: <br />The Adopted Budget for Fiscal Year 2001-02 referenced a proposal to implement <br />specific exemptions to the real property transfer tax ordinance. <br />5�3 <br />