Alhambra : City Drops Tax Plan
The City Council has officially abandoned a controversial plan to triple taxes on property sales. With residents and real estate agents ready to protest, the council removed from the agenda a proposal to increase a documentary transfer tax to be paid by sellers.
In May, the City Council gave preliminary approval to an increase in the tax from 55 cents to $1.65 for every $500 worth of property sold.
However, after outrage from property owners and local real estate agents, the council last month backed off approving the tax and passed the city’s $82.7-million budget without it.
Last week, Derek Hanway, city finance director, said the tax increase was not needed after the state budget showed the city would not lose as much state funding as it had thought.
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