Proposition J: Discontinue Real Estate Transfer Tax Exemptions For Foreclosures Measure
Proposition J: Discontinue Real Estate Transfer Tax Exemptions For Foreclosures Measure
Lenders would pay San Francisco tax on property transfers based on what commercial, hotel, and larger residential properties are worth when received through foreclosure or instead of foreclosure.
A Yes vote
A No vote
Proposal impacts
Impact on Hotel lenders
Hotel foreclosure transfers would cost lenders tax on the hotel's full value.
Hotel foreclosure transfers today leave unpaid loan debt and specified costs untaxed.
Impact on Foreclosed commercial owners
Commercial foreclosure transfers would leave recipients paying tax on the building's full worth.
Commercial foreclosure transfers currently leave unpaid debt, interest and foreclosure costs outside the taxable amount.
Impact on San Francisco residents
City and county budgets could gain $100 million to $150 million a year on average. The measure promises no funding for any particular service.
City and county budgets today receive tax revenue from most real estate transfers.
Impact on city tax staff
Tax collection staff would calculate tax using the full property value for covered foreclosure transfers.
Tax collection staff currently tax foreclosure deeds after subtracting the loan balance and specified costs.
