Belvedere mulls its tax options to fund $28 mil seawall plan
With the results of a recent survey reportedly showing broad support from Belvedere residents, the city is now mulling which of two tax options it should place on the November 2022 ballot to fund $27.4 million in upgrades to its seawalls and infrastructure.
The Belvedere Finance Committee’s recommended option is a real-property transfer tax, in which a 1-percent fee would be charged on the sale of a property to go into the city’s general fund and toward the project — meaning residents wouldn’t be facing any new taxes unless or until they sold their home or purchased a new one in city limits. The other tax option is an annual parcel tax proportionally based on the assessed value of each property that would allow the city to purchase general obligation bonds to fund the project.
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