Shall the Ordinance amending the City of Richmond’s Municipal Code, changing the Real Estate Documentary Transfer Tax so the tax rate for properties below $1 million does not increase, the rate for properties between $1 million to $3 million increases from .7% to 1.25%; the rate for properties between $3 million to $10 million increases from .7% to 2.5%; and the rate for properties over $10 million increases from .7% to 3.0%, be adopted?
2, Contra Costa County • 2018 • M
Passed
Result: 64.9% yes, 35.1% no (30,253 votes cast)
AI-generated plain-language summary
This measure amended Richmond's real estate transfer tax to create a tiered rate structure, keeping the existing rate for properties under $1 million while increasing rates to 1.25% for properties $1-3 million, 2.5% for properties $3-10 million, and 3.0% for properties over $10 million, up from the previous flat rate of 0.7% for higher-value properties.