The Santa Barbara City Council is considering a proposal to impose a new transfer tax on high-value property sales as the City looks for ways to address a growing budget gap.
Under the proposal, property sales above $3 million would be subject to an additional transfer tax. City officials say the measure could generate an estimated $5 million to $6 million annually.
Financial projections presented to the council show the revenue could help stabilize city finances as transfer tax income has declined in recent years…