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CC - (1) Approval of a Memorandum of Understanding with the County of Los Angeles Registrar-Recorder/County Clerk for Real Property Transfer Tax Collection; and (2) Adoption of a Resolution Establishing Rules and Procedures Necessary for the Implementation of the Real Property Transfer Tax in Accordance with Culver City Municipal Code Section 3.08.400.D.
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Meeting Date: March 22, 2021
Contact Person/Dept: Jesse Mays, Assistant City Manager
Onyx Jones, Chief Financial Officer
Phone Number: City Manager's Office (310) 253-6000
Finance Department (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [X] Attachments: [X]
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (03/18/2021);
Department Approval: John Nachbar, City Manager, (03/17/2021)
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RECOMMENDATION
Staff recommends the City Council (1) approve a Memorandum of Understanding with the County of Los Angeles Registrar-Recorder/County Clerk for the collection of the Culver City real property transfer tax; and (2) adopt a resolution establishing rules and procedures necessary for the implementation of the Real Property Transfer Tax in accordance with Culver City Municipal Code Section 3.08.400.D.
BACKGROUND/DISCUSSION
Ballot Measure RE was approved by the City of Culver City electorate at the November 3, 2020 General Municipal Election. Measure RE changed the City's real property transfer tax from the previous 0.45% flat rate to a marginal tax rate with four brackets, based on sales price or value, effective April 1, 2021.
Memorandum of Understanding with Los Angeles County
The Los Angeles County Registrar-Recorder/County Clerk currently collects the Real Property Transfer Tax (RPTT) on behalf of the City at the time the property sale is reco...
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