Endorsed by the Reform Party, Ron Brown Democratic Club, Isaiah Project,
AFRAM SEIU 250, AFRAM SEIU 535, AFRAM SEIU 616, AFRAM SEIU 790, AFRAM SEIU
1000, AFRAM SEIU 434-B, CAHEED, ASNA, OMI NEIGHBORS
Email us on:
webmaster@affordable-
homeownership.org
|
|
Affordable
HomeOwnership Alliance
|
|
|
|
HomeOwnership for Tenants
|
|
Incremental Tax
Revenue Estimates for Supplemental Rental/Mortgage Subsidies
|
|
Additional Taxes collected by SFCity |
Year |
# units affected |
Tax Rate % |
Average Base Price for Taxes |
Annual Incremental Tax $ |
# Needy/Elderly/Disabled Subsidized at $ 400/mo |
| transfer
tax |
year 1 |
10,000 |
0.0125 |
250,000 |
31,250,000 |
|
| resale transfer tax |
year
1 |
2,000 |
0.0125 |
250,000 |
6,250,000 |
|
| incremental prop
tax |
year
1 |
10,000 |
0.0115 |
125,000 |
14,375,000 |
|
| Total year 1 |
|
|
|
|
51,875,000 |
10,807 |
| transfer tax |
year
2 |
10,000 |
0.0125 |
262,500 |
32,812,500 |
|
| resale transfer tax |
year
2 |
4,000 |
0.0125 |
262,500 |
13,125,000 |
|
| incremental prop
tax |
year
2 |
20,000 |
0.0115 |
131,250 |
30,187,500 |
|
| Total year 2 |
|
|
|
|
76,125,000 |
15,859 |
| transfer tax |
year
3 |
10,000 |
0.0125 |
275,625 |
34,453,125 |
|
| resale transfer tax |
year
3 |
6,000 |
0.0125 |
275,625 |
20,671,875 |
|
| incremental prop
tax |
year
3 |
30,000 |
0.0115 |
137,813 |
47,545,313 |
|
| Total year 3 |
|
|
|
|
102,670,313 |
21,390 |
| transfer tax |
year
4 |
10,000 |
0.0125 |
289,406 |
36,175,781 |
|
| resale transfer tax |
year
4 |
8,000 |
0.0125 |
289,406 |
28,940,625 |
|
| incremental prop
tax |
year
4 |
40,000 |
0.0115 |
144,703 |
66,563,438 |
|
| Total year 4 |
|
|
|
|
131,679,844 |
27,433 |
| transfer tax |
year
5 |
10,000 |
0.0125 |
303,877 |
37,984,570 |
|
| resale transfer tax |
year
5 |
10,000 |
0.0125 |
303,877 |
37,984,570 |
|
| incremental prop
tax |
year
5 |
50,000 |
0.0115 |
151,938 |
87,364,350 |
|
| Total year 5 |
|
|
|
|
163,333,652 |
34,028 |
| transfer tax |
year
6 |
10,000 |
0.0125 |
319,071 |
39,883,856 |
|
| resale transfer tax |
year
6 |
12,000 |
0.0125 |
319,071 |
47,860,628 |
|
| incremental prop
tax |
year
6 |
60,000 |
0.0115 |
159,535 |
110,079,443 |
|
| Total year 6 |
|
|
|
|
197,823,927 |
41,213 |
| transfer tax |
year
7 |
10,000 |
0.0125 |
335,024 |
41,878,049 |
|
| resale transfer tax |
year
7 |
14,000 |
0.0125 |
335,024 |
58,629,269 |
|
| incremental prop
tax |
year
7 |
70,000 |
0.0115 |
167,512 |
134,847,318 |
|
| Total year 7 |
|
|
|
|
235,354,636 |
49,032 |
|
|
| Note: Over a 7 year period, $
960 million incremental taxes will be collected. Amounts increase annually.
|
|
|
| Assumptions:
|
| a) 10,000 units are
subdivided every year
|
| b) 20% of the incremental
units are resold every year
|
| c) prices of property
increase by 5% per year
|
| d) the incremental
property tax is collected on only half the value of the unit
|
| e) the initial average
price for units bought by tenants is $ 250,000
|
| f) the average amount
of rental / mortgage subsidy provided is $ 400/month
|
|
|
| The
Affordable HomeOwnership Alliance is a non-partisan group committed to creative
and practical win-win solutions for San Francisco’s housing problems. |
|
|
| Finally,
a solution – HOT! |
| http://www.affordable-homeownership.org
|
E-mail
us on Condos4Tenants@aol.com |
For any other information please contact us on webmaster@affordable-homeownership.org
|
