City assesses property transfer tax amid declining home sales

The San Ramon City Council meeting on May 13, 2025, focused on key financial discussions, particularly regarding property transfer taxes and Community Facility District (CFD) assessments. Council members expressed concerns over declining home sales, which have led to reduced property transfer tax revenues. A council member noted that the revenue estimates needed adjustment, proposing a decrease of $400,000 to ensure more conservative budgeting practices. The aim is to avoid disappointment in revenue collection, emphasizing the importance of property taxes as a primary funding source for the city.

Additionally, the meeting addressed the structure of tax zones within the Community Facility District. Tax zones 1, 2, and 3 were discussed, with clarifications provided on their respective assessments and the developments they cover. Tax Zone 1 was established in 2014 and includes the original ACRE development, while Tax Zone 2 pertains to the Fourier Preserve development, and Tax Zone 3 relates to the Promenade development. The council highlighted the need for accurate labeling of these zones to reflect their current status and ensure proper revenue collection.

Overall, the discussions underscored the city's efforts to manage its budget effectively amid changing real estate dynamics and the importance of clear communication regarding tax structures to support ongoing development and city services. Further evaluations and updates on these financial matters are expected in future meetings.