City Council To Finalize Details of Real Estate Tax

The meeting agenda, including a staff report, is now available for the City Council Special Meeting on August 3, 2020 at 7:00 PM where the City Council will consider adoption of resolution placing a ballot measure on the November 3, 2020 election ballot to increase the City’s real property transfer tax for sales $1.5 million or greater. This is the tax that is paid by either the seller or the buyer when commercial and residential properties are sold.

If approved by voters, the proposed measure would increase the current one-time 0.45% tax on real property sales $1.5 million or greater to the following rates, depending on the sale price of the property:

$1.5 million to $2,999,999: 1.5%
$3 million to $9,999,999: 3.0%
$10 million and up: 4.0%
Exempt from a rate increase (would stay at existing 0.45% rate):

Properties sold for less than $1.5 million
First transfer of new multi-family properties
100% deed restricted affordable residential properties

More information is available at culvercity.org.

www.culvercitysymphony.org

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