Portola Valley voters to decide on property transfer tax

Portola Valley voters will decide on the Nov. 3 ballot whether to transition to a charter town and implement Measure N, a real property transfer tax. If passed, the measure would impose a tax of $10 per $1,000 of a property’s sale price.

The Town Council proposed the measure to establish a reliable revenue stream to address a $700,000 annual structural budget deficit. However, critics argue the measure has expanded into a larger revenue grab intended to fund over $1.3 million in annual spending that has not been fully vetted by the Town Council or the Finance Committee.

Opponents of Measure N contend the tax is inequitable because it places the entire financial burden on the small percentage of residents selling real estate, while the majority of residents receive the benefits of the revenue without contributing to the tax.