WeVote
Log In

Bill

Bill

S 7516

Implements transfer assessments for certain classes of property in a city with a population of one million or more

2025 Regular Session Introduced by Cordell Cleare

Imposes transfer assessments on specific property classes in cities with 1,000,000+ residents, affecting buyers, sellers, brokers, and funding local city programs.

REFERRED TO LOCAL GOVERNMENT
0
WeVote Research Nonpartisan
Bill Summary · S 7516

Summary of bill S 7516

Quick overview

  • Bill number: S 7516
  • Title: Implements transfer assessments for certain classes of property in a city with a population of one million or more
  • Status: Referred to Local Government (introduced April 21, 2025)
  • Sponsor: Cordell Cleare (primary)
  • Related bills (prior-session): S 7631, S 8097, S 593, S 5097

Purpose and intent

The bill appears to aim at establishing or implementing transfer assessments for certain classes of property specifically within a city that has a population of one million or more. The objective, as suggested by the title, is to create a framework for assessments applied to property transfers in such large cities. The exact definitions, thresholds, and methodologies would be defined in the full text of the bill.

Key provisions (as implied by the bill’s title)

  • Creation or authorization of transfer assessments on property transfers.
  • Scope limited to “certain classes of property” within a large city (population ≥ 1,000,000).
  • Rules governing how transfers are assessed (definitions, calculation method, rates or brackets, exemptions, and administration).
  • Allocation or use of the revenue generated by these transfer assessments (e.g., local government programs or services), depending on the bill’s text.
  • Administrative details such as collection, reporting, and compliance requirements.
  • Any transitional provisions, sunset clauses, or triggers for implementation.

Note: The specific substantive provisions (definitions of “transfer,” which property classes are taxed, rate structure, exemptions, eligible uses of revenues, etc.) are not provided in the summary materials. The full text would be needed for precise details.

Who would be affected

  • Property owners and transferees in large cities (population ≥ 1,000,000) subject to the new transfer assessment.
  • Real estate developers, brokers, and title/settlement services involved in property transfers.
  • Local government or municipal agencies responsible for administering and collecting the assessment.
  • Beneficiaries of any revenue use designated by the bill (e.g., funding for city services, infrastructure, or programs).

Procedural and timeline aspects

  • Introduced and immediately referred to the Local Government committee on April 21, 2025.
  • The bill’s progress will depend on committee action (reporting out, possible amendments) and subsequent floor consideration.
  • Duplicate entries in the actions indicate a standard committee referral event noted on the same date.

Potential impacts and considerations

  • Revenue implications for city government, contingent on the defined rate and scope of the transfer assessment.
  • Economic impact on real estate transactions, including costs passed to buyers/sellers.
  • Administrative complexity and compliance obligations for title, escrow, and real estate professionals.
  • Equity considerations: potential exemptions or targeted use of funds to address disparities or to fund specific city programs.
  • Legal and intergovernmental considerations: interaction with existing transfer taxes or fees, and any applicable state or local constitutional constraints.

Next steps for readers

  • Review the full text of S 7516 to understand exact definitions, rates, exemptions, and revenue use.
  • Monitor committee activity in Local Government for amendments and progression.
  • Consider how the measure could affect property transfers in large cities and associated stakeholders.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.