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significantly lower than the rates of other high -cost areas in <br />the country. <br />Cities across the country are increasing their conveyance <br />tax rates to fund affordable housing. San Francisco increased <br />the tax rate to 5.5 per cent on homes valued over $10,000,000 in <br />2020, and two years ago Los Angeles increased the real property <br />transfer tax to 4.5 per cent on any residential or commercial <br />property over $5,000,000 in value and six per cent on property <br />sales over $10,000,000 in value. Smaller cities with high <br />housing costs are also increasing the taxes on real estate sales <br />to mitigate the impacts of housing costs. Crested Butte and <br />Telluride in Colorado, which attract wealthy buyers due to <br />access to world class ski opportunities, have a tax of three per <br />cent on home sales regardless of price. Aspen, Colorado, which <br />has the most well -developed workforce housing program in the <br />country where almost forty per cent of the housing total housing <br />stock is reserved as permanently affordable housing for full- <br />time residents, has largely funded their workforce housing <br />program through a 1.5 per cent tax on property sales that has <br />been in place since 1989. <br />Presently, it is common practice to tax property sales as a <br />means to mitigate the impacts of high home costs and the loss of <br />land due to housing development. Furthermore, a conveyance tax <br />of 0.5 per cent on homes valued at less than $5,000,000, a rate <br />of four per cent on homes valued between $5,000,000 and <br />$10,000,000, and six per cent on homes valued at over <br />