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Documentary Transfer Tax BHGLAAR Realtors Eric Garcetti Mayor Garcetti Tax Increase
City of Los Angeles Taxes CF 16-0047 Council file CF 16-0047 Los Angeles City Council City of Los Angeles Election November 2016 Election.
On January 27, 2016, the Homelessness and Poverty Committee considered Motion (CF 16-0047, Harris-Dawson/Huizar/Wesson) concerning actions to place a measure on a future ballot to generate funds for homeless housing and services.
City of Los Angeles New Taxes ballot measure Tax Increase report from City Administrative Officer Miguel Santana and Chief Legislative Analyst Sharon Tso found that issuing a bond, increasing the sales tax or raising the documentary transfer tax.
Documentary Transfer Tax.
The Documentary Transfer Tax (DTT ) is an assessment made at the point of a real estate property sale or a transfer of controlling interest in a legal entity holding. This fee is already charged at both the County and City levels. The current rate is $2.25 per $500 of sales value, while the County collects an additional $0.55 per $500 sales tax as a Property Transfer tax. This proposal seeks to raise or restructure the City’s share of the fee. The proposed restructuring would establish a progressive rate structure whereby the City rate would be reduced for lower value transactions and increased for higher value ones. Proposed ballot language for a special tax would include specifying a percentage or amount of the DTT that would need to be directed to a special fund.
Housing Linkage Fee
A housing linkage fee is a one-time exaction to recover a portion of the public cost to meet demand for affordable housing resulting from new development, with revenue dedicated toward a broad range of affordable housing purposes. The fee is levied on new developments to finance affordable and permanent supportive housing activities within the City. To optimize the potential for generating housing linkage fees, it is advisable to apply the linkage fee ordinance broadly to many classes of properties. This fee was studied by the City in 2011, but not implemented.
Document Recording Fee
General Obligation Bond
A General Obligation (GO) bond is a voter-approved bond issuance payable from tax proceeds collected on secured and unsecured taxable property within the City and collected by the County Auditor Controller. These GO bonds generally provide the lowest cost of borrowing to finance the acquisition and improvement of real property such as housing and facilities, and provide a new and dedicated revenue source in the form of additional ad valorem property taxes to pay debt service on the GO bonds. These property tax revenues are distinct from general property tax collections and are dedicated to debt service payment on the GO bonds issued and cannot be levied or used for any other purpose.