When a building is sold in Oakland, both the seller and the buyer usually pay a tax to the city.
For example, homes valued between $300,000 and $2 million come with a 1.5% tax for the seller and owner. If the buyer is low-income, they pay a lower rate.
This “real estate transfer tax” is a significant revenue driver for the city, though it’s dipped in recent years as home sales have dropped…