Catholic Archdiocese to Pay $14.4 Million in Taxes to City of San Francisco
We're saved! The Catholics are going to pump $14 million into San Francisco's coffers in the second largest transfer tax in the city's history and that might just be enough to feed 14 city employees pulling a fat city pension for a month.
SJ Mercury News:
The Roman Catholic Archdiocese of San Francisco owes the city $14.4 million in taxes from 2008 property transfers, the city's Transfer Tax Review Board ruled Monday.
The unanimous 3-0 decision came at the fourth and final hearing by the board on the matter, according to Assessor-Recorder Phil Ting, who argued that the archdiocese's transfer of 232 parcels of property from two of its nonprofit incorporated entities to a third in April 2008 was not exempt from tax.
The archdiocese argued it should not have to pay because the transfers were part of an internal restructuring.
Ting maintained that the corporations, as separate, legal entities, were required to pay transfer taxes.
The properties included vacant lots, parking lots, apartments, commercial buildings, parishes and schools throughout the city worth nearly $2 billion, according to Ting's office.
Such transfers are often made by corporations in order to protect their assets from litigation, Ting's office said.
The transfer tax, unlike the annual property tax, is a one-time, local tax.
Ting said in a statement that the money owed is the second-largest transfer tax in San Francisco's history.
He said today that he was pleased with the board's "fair" decision.
"The decision clearly states that we followed the law," Ting said, adding, "We want to treat every taxpayer, large or small, the same."
What's the lesson here? Don't fuck with the taxman, even if you think you have little baby Jesus on your side.