§ 4.20.020. Imposition of tax.

A.

There is imposed a tax on all transfers by deeds, instruments, writings, or any other document, or changes in control and ownership of legal entities, by which any lands, tenements or other interests in real property located in the City, are or is granted, assigned, transferred, or otherwise conveyed to or invested in a transferee, or transferees thereof, which shall be levied as a percentage of the value of consideration at the rates set forth below:

Amount of transfer	Tax
$300,000.00 or less	1%
More than $300,000.00 up to $2,000,000.00	1.5%
More than $2,000,000.00 up to $5,000,000.00	1.75%
More than $5,000,000.00	2.5%

 

B.

The people of Oakland authorize that the City Council may increase the three hundred thousand dollars ($300,000.00) threshold between the first and second tax rate tiers and the two million dollars ($2,000,000.00) threshold between the second and third tax rate tiers by an amount no more than the increase to the Consumer Price Index as published by the U.S. Department of Labor, provided that such a threshold increase may not be done more than once per five (5) years since the effective date of the ordinance from which this Chapter is derived and that the thresholds may not be increased beyond five hundred thousand dollars ($500,000.00) for the threshold between the first and second tiers and three million five hundred thousand dollars ($3,500,000.00) for the threshold between the second and third tiers.

C.

Notwithstanding subsection A., a transfer to a nonprofit corporation, or a limited partnership or limited liability company in which a nonprofit corporation is the managing general partner or managing member, accompanied by a binding agreement or covenant recorded on the property and enforceable by the City to provide all residential units on the property (other than units reserved for on-site property managers) at an affordable rent or affordable housing cost to lower income households as defined in California Health and Safety Code Section 50079.5, shall be taxed at a maximum rate of one and one-half (1.5) percent regardless of the value of consideration.

(Res. No. 87320, § 2, 7-24-2018; Res. No. 81926, § 2, 4-21-2009; Ord. 12264 § 1, 2000: prior code § 5-27.02)