The City of San Jose will be reviewing a staff recommendation to place a Real Property Transfer Tax Measure on the March 2020 ballot. The proposal, as recommended by staff, will implement a tiered property tax on all deed or other recorded instruments transferring real property based on the value of the real property interest conveyed. The proposed tax recommendation will be in addition to the city’s existing Real Property Conveyance Tax of $3.30 per $1000 for transaction exceeding $100. The tax assessment being proposed is detailed below. To read the full staff report, click here.
Under $2,000,000: EXEMPT
$2,000,001 to $5,000,000 1.5% per $1,000 (.75% per $500)
$5,000,001 to $10,000,000 2% per $1,000 (1% per $500)
$10,000,000+ 3% per $1,000 (1.5% per $500)
