WestPark Real Estate Transfer Tax Explained By Roseville California Real Estate Agent Jesse Coffey. WestPark is located in West Roseville in what was undeveloped grassland up until ten years ago. When developers originally started seeking permits to develop the land the Placer Land Trust stepped in with concerns. The Placer Land Trust is designed to protect our local environment so that it can remain unspoiled for future generations. Their concerns with the WestPark development was with how it may impact the vernal pool grasslands in around the community. Eventually WestPark Roseville and Fiddyment Farm Roseville will have 8,390 homes, several schools, walking trails, a regional sports complex, and a pedestrian friendly shopping center.
The Placer Land Trust required that these vernal pool grasslands be protected and that they be properly maintained. The Placer Land Trust requires that for every acre of development that 2 acres be protected. In total 4,500 acres of vernal pool grasslands will be protected once the project is fully complete.
The cost of purchasing and protecting the vernal pool grasslands is paid by the developers and every home buyer that purchases a home in WestPark over 20 years. The developers provided an interest free $35M loan to The Placer and Trust up front before developing ever begin. The Placer Land Trust expects to generate up to $85M over 20 years through the included real estate transfer tax. Every time a home is resold in WestPark there is a 1/2% real estate transfer tax which is given to The Placer Land Trust. If a home sells for $500,000 the WestPark Real Estate Transfer Tax is $2,500. This fee is negotiable and can be paid by the seller, buyer, or split evenly.
This fee is not a one time fee. Every time a home is resold the real estate transfer fee will be assessed until the home is over 20 years in age.
*This fee is not charged to new home buyers purchasing directly from a builder.