ARCHBISHOP OF SAN FRANCISCO TO OWE APPROXIMATELY $14.4 MILLION TO CITY AND COUNTY OF SAN FRANCISCO
Newswire Services
December 01, 2009
Transfer Tax Review Board Rules in Favor of Assessor-Recorder Phil Ting´s Determination.
San Francisco, CA – Today, the Transfer Tax Review Board ruled 3-0 in favor of the Assessor-Recorder Office´s December 4, 2008 determination of transfer tax owed by the Roman Catholic Archdiocese (RCA) of San Francisco. The Assessor-Recorder´s Office estimates that approximately $14.4 million in transfer taxes is owed making this the second largest transfer tax event in our City´s history.
"Today´s decision reaffirmed our office´s determination of transfer taxes owed. We have worked hard to ensure every taxpayer is being assessed transfer taxes in a fair and consistent manner." Ting said.
The Transfer Tax Review Board held its fourth and final hearing day today and found that the Assessor-Recorder´s Office has fulfilled its duty and assessed the taxes due fairly according to Section 1102 of the Real Property Transfer Tax Ordinance which clearly states that a transfer tax is imposed ´on each deed or written instrument.´
In April of 2008, the San Francisco Roman Catholic Archdiocese transferred 232 parcels of property from two separate and distinct legal entities to a third separate legal entity. On December 4, 2008, after a very thorough analysis, the Assessor-Recorder´s Office concluded that the San Francisco Roman Catholic Archdiocese transfer of 232 parcels of property was taxable.
In San Francisco, transfer tax is determined and collected at the time of recording. Under San Francisco´s Real Property Transfer Tax Ordinance, the properties transferred -- in this case, included vacant lots, parking lots, apartments, commercial buildings, parishes and schools--were not exempted from transfer tax. Transfer tax is a one-time, local tax.
The RCA remains exempted from having to pay annual property tax under the state of California Revenue and Taxation Code. The RCA is exempted from the IRS federal income tax due to its 501 (c) 3 non-profit status. It is important to note that these two taxes are different from transfer tax. The imposition of San Francisco´s local transfer tax has no effect on the church´s current standing with property tax or federal 501 (c) 3 non-profit exempt status.
San Francisco, CA – Today, the Transfer Tax Review Board ruled 3-0 in favor of the Assessor-Recorder Office´s December 4, 2008 determination of transfer tax owed by the Roman Catholic Archdiocese (RCA) of San Francisco. The Assessor-Recorder´s Office estimates that approximately $14.4 million in transfer taxes is owed making this the second largest transfer tax event in our City´s history.
"Today´s decision reaffirmed our office´s determination of transfer taxes owed. We have worked hard to ensure every taxpayer is being assessed transfer taxes in a fair and consistent manner." Ting said.
The Transfer Tax Review Board held its fourth and final hearing day today and found that the Assessor-Recorder´s Office has fulfilled its duty and assessed the taxes due fairly according to Section 1102 of the Real Property Transfer Tax Ordinance which clearly states that a transfer tax is imposed ´on each deed or written instrument.´
In April of 2008, the San Francisco Roman Catholic Archdiocese transferred 232 parcels of property from two separate and distinct legal entities to a third separate legal entity. On December 4, 2008, after a very thorough analysis, the Assessor-Recorder´s Office concluded that the San Francisco Roman Catholic Archdiocese transfer of 232 parcels of property was taxable.
In San Francisco, transfer tax is determined and collected at the time of recording. Under San Francisco´s Real Property Transfer Tax Ordinance, the properties transferred -- in this case, included vacant lots, parking lots, apartments, commercial buildings, parishes and schools--were not exempted from transfer tax. Transfer tax is a one-time, local tax.
The RCA remains exempted from having to pay annual property tax under the state of California Revenue and Taxation Code. The RCA is exempted from the IRS federal income tax due to its 501 (c) 3 non-profit status. It is important to note that these two taxes are different from transfer tax. The imposition of San Francisco´s local transfer tax has no effect on the church´s current standing with property tax or federal 501 (c) 3 non-profit exempt status.
Print
Email
