☆ Expert: Even after inflation adjustment, Measure E will tax 3x more properties than projected

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San Jose native and local real estate agent Mark Burns argues that even after inflation adjustment in June, Measure E likely will still tax three times the number of residential transactions it was supposed to. An Opp Now exclusive.

Measure E was supposed to impact 3% of transactions, at most. The ultra rich could afford it, and it wouldn't hurt them. But in the past 12 months, almost 18% of property transactions passed the $2 million mark; and that's only for residential. I'm not counting commercial property transactions.

You’d be amazed how many people are trying to get their $2 million house to sell for $1,999,950. You can see a big clump right below that number in the stats. It’s going to get adjusted in June for CPI, and I'm guessing it will bump the $2 million ceiling up to $2.45 million.

Go Deeper:

• Analysis: Measure E vote breaks Housing First stranglehold on City budget
• How to make San Jose housing affordable
• Separating fact from fiction on Measure E Reallocation

But 9% of the transactions last year were above $2.45 million. So 9% are still going to get dinged with that .75% surcharge. That’s still three times what they told the voters in 2020.

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