NEWSFri, Jun 11San Bernardino looks to increase real estate transfer tax 900%In order to try to solve a $24 million budget deficit, the San Bernardino City Council is considering several different tax and fee proposals. One of the proposals being considered is an increase in the real estate property tax, which is essentially a sales tax for real estate, from .55 cents to $5.00 essentially increasing the tax by 900 percent. The council voted unanimously to subject all of the proposals to further analysis amid concerns that San Bernardino voters would probably reject any taxes if given an opportunity to vote. The transfer tax would require a vote on the November ballot as by California state law, property owners must vote before a city can create the kind of assessment that is being contemplated. |
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