Belvédère officials support transfer tax to finance dike project

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The riprap of San Rafael de Belvedere Avenue along Richardson Bay is visible at high tide on December 16. . (Elliot Karlan / For L’Arche)

Belvedere city council has chosen to explore a real estate transfer tax to help the city fund its multi-million dollar dike project, and it will decide in the spring whether to impose the tax on voters in the November poll. .

The council, at its December 13 teleconference meeting, voted unanimously to ask staff to develop a voting measure proposing the property transfer tax, selecting it over a plot tax option. . Under the plan chosen, a 1% fee would be charged on every home sale, hoping to generate around $ 2 million per year to pay off a 30-year bond on the $ 28 million project.

The tax would require a simple majority to be approved by Belvedere voters, which would in part make it more attractive than the required two-thirds majority of a plot tax based on the estimated value of each property.

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