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Discussion of Potential Measure on the November 3, 2020 General Municipal Election Ballot to Submit to the Voters an Amendment to Culver City Municipal Code Section 3.08.400 to Increase the Real Property Transfer Tax.
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Meeting Date: July 29, 2020
Contact Person/Dept: Jesse Mays, Assistant City Manager
Phone Number: (310) 253-6000
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [X] Action Item: [X] Attachments: [X]
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - Finance Advisory Committee (07/24/2020)
Department Approval: Onyx Jones, Chief Financial Officer (07/24/2020)
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RECOMMENDATION
Staff recommends the Finance Advisory Committee discuss the potential Measure on the November 3, 2020 General Municipal Election Ballot to submit to the voters an amendment to Culver City Municipal Code Section 3.08.400 to increase the real property transfer tax.
BACKGROUND/DISCUSSION
At the July 27th City Council Meeting, Council discussed the potential Measure on the November 3, 2020 General Municipal Election Ballot to submit to the voters an amendment to Culver City Municipal Code Section 3.08.400 to increase the real property transfer tax. Charter cities, such as Culver City, may enact a real property transfer tax, which is imposed during the sale of real property, based on the value of the property. Courts have determined that such a tax, enacted by a charter city, does not violate either the California Constitution Article XIII A or Government Code ?53725, which prohibits a transaction tax on the sale or real property, but applies to only general law cities.
Any sale of real estate in Culver City over $100 is currently subject to the City's Real Property Transfer Tax ("transfer tax") of $2.25 per $500 (0.45%) (see Attachment 1, Culver City Municipal Cod...
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