City staff is recommending that Councilmember Phil Brock's proposed property transfer tax be placed on the November ballot but warned it could be a "very volatile" source of revenue.

If the Council accepts the recommendation at its meeting Tuesday, the measure on the November 8 ballot would charge an additional real estate transfer tax (RETT) of $15 per $1,000 for commercial properties that sell for more than $8 million.

Read More: https://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2022/July-2022/07_07_2022_Staff_Recommends_Placing_Brocks_Transfer_Tax_on_Ballot.html