Measure ULA repeat? Santa Barbara floats transfer tax for high-ticket home sales

Measure ULA is causing headaches for high-end developers and home sellers in Los Angeles, but that pushback isn’t stopping officials in Santa Barbara from pursuing the same options to raise revenue.  The Santa Barbara City Council is considering a proposal to impose a new transfer tax on property sales above $3 million as the city searches for ways to close its growing budget gap, KSBY reported. City officials estimate the transfer tax could generate an estimated $5 million to $6 million annually. Transfer tax income has declined in recent years, and the city predicts the gain in revenue could help […]This article originally appeared on The Real Deal. Click here to read the full story.