Measure E
Notice of New Real Property Transfer Tax for Property Transfers in the City of San Jose.
For questions related to the San Jose Real Property Transfer Tax, please contact the City of San Jose directly. Inquiries may be directed to Mr. Francis Galanido, Senior Analyst, Department of Finance – Revenue Management, at [email protected]. For more information related to Measure E, click here.
On March 3, 2020, City of San Jose voters passed Measure E amending Title 4 of the San Jose Municipal Code by adding Chapter 4.59 providing for the imposition of a general tax upon transfers of real property located in the City of San Jose.
Effective July 1, 2020, Santa Clara County Clerk-Recorder’s Office will collect the San Jose Real Property Transfer Tax imposed on each transfer of real property located in the City of San Jose when the value of the consideration is equal to or exceeds $2,000,000. Transfers under $2,000,000 would be exempt from the Transfer Tax. Transfers of $2,000,000 or more would be taxed at one of the following rates applied to the full value of the consideration:
|
Value of Consideration |
Rate |
|
$2,000,000 to $5,000,000 |
0.75% |
|
$5,000,000.01 to $10,000,000 |
1% |
|
Over $10,000,000 |
1.5% |
For example, a transfer of real property where the value of consideration is $11,000,000 would be taxed at a rate of 1.5% on the entire $11,000,000. The tax owed would be $165,000.
For questions related to the San Jose Real Property Transfer Tax, please contact the City of San Jose directly. Inquiries may be directed to Mr. Francis Galanido, Senior Analyst, Department of Finance – Revenue Management, at [email protected].” .