...Title
Potential March 2020 Real Property Transfer Tax Ballot Measure.
...Recommendations
Consider, discuss, and adopt a resolution of the City Council:
(a) Calling and giving notice, on its own motion, for a Special Municipal Election to be consolidated with the statewide primary election occurring in the County of Santa Clara held on March 3, 2020, to submit to the electors of the City of San José a measure to enact a real property transfer tax with the following statement of the measure to be printed in the ballot:
To fund general City of San José services, including providing affordable housing for seniors, veterans, disabled, and low-income families and helping homeless residents move into shelters/permanent housing, shall an ordinance be adopted enacting a real property transfer tax including unrecorded transfers at these rates: transfers valued up to $2,000,000 EXEMPT, $2,000,000.01 to $5,000,000 at 0.75%, $5,000,000.01 to $10,000,000 at 1.0%, and over $10,000,000 at 1.5%; generating approximately $70,000,000 annually, until repealed, with all money staying local?
(b) Directing the City Clerk to, pursuant to Elections Code Section 12111, cause a synopsis of the proposed measure to be published at least one time not later than one week before the election in the San Jose Mercury News, a newspaper of general circulation within the City of San José, instead of printing the full text of the measure in the Sample Ballot;
(c) Authorizing the Mayor to submit a ballot argument in support of the measure, pursuant to Elections Code Section 9282;
(d) Authorizing the submittal of rebuttal arguments pursuant to Elections Code Section 9285;
(e) Directing the City Attorney to prepare an Impartial Analysis of the measure, where, as authorized under Elections Code Section 9280, the following statement will be printed in the Impartial Analysis to be prepared by the City Attorney: “If you would like to read the full text of the measure, see http://www.sanjoseca.gov/index.asp...
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