To fund general City of San José services, including 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: EXEMPT transfers under $2,000,000 adjusted for inflation, $2,000,000 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to $10,000,000 at 1.0%, and over $10,000,000 at 1.5%; generating approximately $70,000,000 annually, until repealed, with all money staying local?
2, Santa Clara County • 2020 • Measure
Passed
Result: 53.5% yes, 46.5% no (226,259 votes cast)
AI-generated plain-language summary
This measure enacted a real property transfer tax in San José with tiered rates starting at 0.75% for properties valued between $2-5 million and increasing to 1.5% for properties over $10 million, while exempting transfers under $2 million. The tax is expected to generate approximately $70 million annually to fund general city services including affordable housing and homeless services.