Background
In 2006, Albany voters approved Measure “F”, a special parcel tax on property within the City to fund street paving and storm drainage improvements, programs and services. The parcel tax is currently levied annually at $167.65 per equivalent residential unit (ERU), as defined therein, allows annual rate adjustments subject to a 5% annual cap, and incorporates a 100% exemption for residential parcels owned by qualifying very low-income residents, as defined therein.
Proposal
If approved, this Measure would amend the tax as follows:
- Retain the 100% exemption for residential parcels owned by qualifying very low-income residents, and add a 50% exemption for qualifying low-income resident owners; and
- Add a 100% rebate to qualifying very low-income renters of tax imposed on a unit where they reside, and add a 50% rebate to similarly qualifying low-income renters, as defined therein; and
- Maintain annual Consumer Price Index (CPI) adjustments, but with a 3% annual cap instead of 5%; and
- Maintain the rate at $167.65 per ERU, annually adjusted by CPI, unless any parcel 500,000 square feet or larger is sold, leased or transferred to make it tax exempt, at which point the City Council may levy this tax at the maximum rate of $0.0638 per lot square foot for all parcels in the City, annually adjusted by CPI, subject to a 3% annual cap. The Council may levy the tax at a lower rate in any year and restore it back to a prior rate, provided this maximum voter approved rate isn’t exceeded.
- Clarify that this tax applies to possessory interests (i.e. leaseholds) on a parcel where the owner is exempt from parcel taxation.
Source: Measure P Impartial Analysis