Assessor Chu Releases Latest Data on SF Transfer Tax & Sales

ASSESSOR CARMEN CHU RELEASES LATEST SALES & TRANSFER TAX DATA

Monthly average of sales dropped 36% after COVID-19, resulting in $33M less in revenue

SAN FRANCISCO --- Today, Assessor Carmen Chu released the latest data on sales and transfer tax revenue to illustrate changes in San Francisco’s real estate market and activities before and after the COVID-19 pandemic. At the time of sale, the Office of the Assessor-Recorder records the transaction and collects a one-time fee called transfer tax. According to our Office’s most recent data, San Francisco saw a significant drop in both the number of sales and transfer tax collected. AssessorCarmen Chu will share details of the current transfer tax patterns in the media roundtable before new tax rates become effective due to the passage of Proposition I (2020).

Please see below for the recording of the media roundtable. Slides presented during the media roundtable are available below.

Coverage:

High-dollar real estate sales in San Francisco hit over coronavirus, Proposition I concerns (San Francisco Chronicle)

Tax revenue from S.F. real estate deals this year on downward trajectory, data shows (San Francisco Business Times)

Decline in high-end real estate sales this year means less money for The City (San Francisco Examiner)

San Francisco Assessor Carmen Chu say property transfer tax revenue decreases in last four months(KTSF Channel 26)

San Francisco Assessor Carmen Chu: Property transfer tax revenue decreases due to decrease in high-end property sales (World Journal)

Real estate market resume since July but tranfer tax revenue still low (Sing Tao Daily)