The RPTT generates $6-8 million annually to support city services. It is collected only when real estate is bought or sold, as part of the transaction’s closing costs, at a rate of $4.50 per $1,000 of property value. All funds generated by the RPTT are locally controlled and stay in Hayward to provide essential city services and facility improvements. By law, the State cannot take this funding away. Measure T would change the RPTT rate to $8.50 per $1,000 of property value, which would generate an additional $6 million annually for city services.