SB3243 Summary

• Allows home rule municipalities with populations exceeding 1,000,000 to restructure real estate transfer tax rates without a referendum within 6 months of the act's effective date.

• Establishes tiered tax rates based on property transfer price: $2.75 per $500 for transfers up to $500,000; $4.75 per $500 for $500,000.01 to $1,000,000; $7.50 per $500 for $1,000,000.01 to $3,000,000; $14.00 per $500 for $3,000,000.01 to $10,000,000; and $20.00 per $500 for transfers over $10,000,000.

• Requires that 75% of increased real estate transfer tax revenues be dedicated to the city's general budget and 25% be dedicated to housing and services to combat homelessness.

• Tax may be imposed on the buyer or seller of real estate, or jointly and severally on both.