This is a brand new tax, adding 0.5 percent to the price of all real estate transactions in San Juan County. Maybe you’re thinking, “I already own my home so it doesn’t affect me.” But let’s think of all the middle- and low-income, working island families that aspire to home ownership or home upgrade.
This tax means that an island family that wants to purchase a median-priced home ($430,000) must now come up with 15 percent down ($65,000) + 1 percent for the land bank ($4,300) + 0.5 percent for the new tax ($2,150) for a total of over $71,000 to purchase a median-priced home.
We are not just taxing rich Californians with vacation homes. We are taxing all island families with homeownership dreams. Let’s vote this down and have them come back with a proposal that helps our low- and middle-income island families. Something like a 0.5 percent tax on real estate transactions over $1,000,000.
San Juan Island