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Attachment 1 <br />SUMMARY OF IMPLEMENTATION DISCUSSION POINTS <br />July 10, 2000 Council Work <br />August 22, 2000 <br />October 15, 2001 Staff <br />November 5, 2001 Policy <br />Session with City Attorney <br />Citizens Budget <br />Recommendation <br />Options <br />Steve Meyers <br />Review Committee <br />City Attorney presentation <br />Staff response to Committee <br />Transfer Tax rebate <br />discusses providing rebates <br />questions addressed the <br />proposed for the following <br />for the following: <br />following tax exemptions: <br />categories: <br />First-time homebuyers <br />First time homebuyers <br />First time homebuyers <br />1) First time homebuyers <br />(defined as not having <br />who sign certification <br />owned a home for the past <br />and can show last three <br />three years) <br />years of tax records <br />without home <br />ownership claim <br />2) The exemption could be <br />applied to any first-time <br />homebuyer sale or only <br />to those with a value of <br />up to 125% of the <br />median value for the <br />prior year. <br />Low income homebuyers <br />Low income homebuyers <br />No proposed alternative <br />Persons selling and buying <br />People moving from one <br />Sellers of single family <br />No proposed alternative <br />in San Leandro <br />home in San Leandro to <br />residences in SL who <br />another <br />purchase another single <br />family residence in SL <br />within 180 days (rebate <br />applies to tax paid in the <br />purchasing transaction) <br />Persons undertaking seismic <br />Homeowners undertaking a <br />Owners of properties which <br />No proposed alternative <br />improvements within 12 <br />seismic upgrade <br />are seismically upgraded <br />months of purchase <br />within one year of purchase <br />No implementation details <br />Staff was questioned about <br />Implementation details <br />Implementation alternatives: <br />provided. <br />providing an exemption for <br />proposed: <br />1) Tax rebate could be <br />persons selling their homes <br />1) all rebates provided in <br />established at 100% of <br />to enter a nursing home. <br />an amount equal to one- <br />the RPT tax on a sale or <br />There was no response to <br />half of tax paid; <br />at 50% of the tax <br />that idea. <br />2) maximum purchase <br />(assuming the <br />price for first-time <br />beneficiary is the buyer <br />No implementation details <br />homebuyer is 125% of <br />only) <br />provided. <br />median; <br />2) The program could be <br />3) program to sunset on <br />adopted with no sunset <br />June 30, 2003 <br />or with a sunset of no <br />4) Implementation <br />earlier than June 30, <br />retroactive to January 1, <br />2003. <br />2001. <br />3) Implementation <br />retroactive to January 1, <br />2001. <br />Stu <br />