Page 42 - Homeowners Manual - Santa Clara County
P. 42

CITY TRANSFER TAX UPDATE


        San Jose – Measure E
        Effective July 1, 2020


        Measure E is a transfer tax applied at graduated increments on the sale or transfer of real property over $2 million
        in the City of San Jose� In addition to existing city and county transfer taxes, the transfer tax will be imposed
        when a deed transfers the ownership of both residential and commercial real property�

        Transfers under $2 million are exempt from Measure E, while transfers at or above $2 million are taxed at the
        following rates:


                                       Property Value                  Amount Realized

                                    Less than $2,000,000           Exempt from the new tax

                                  $2,000,000 to $5,000,0000                 0�75%


                                  $5,000,001 to $10,000,000                 1�00%

                                   $10,000,001 and above                    1�50%



        For example, a residential or commercial property that sold for $5 million would be taxed at a rate of 0�75%,
        and the tax owed would be $37,500� Please keep in mind this tax is in addition to the current city transfer tax of:
        $3�30/$1,000�

        For more information regarding Measure E, please visit the city of San Jose website at sanjoseca�gov�

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