The tax will impact most major residential and commercial construction projects and will cost purchasers one-third of one percent of the value of the home.
The money will go into a fund to provide incentives for low and middle-income housing.
“I was skeptical about taxing the development community but I would say that after listening to testimony and seeing what Bend and some other areas have done with these dollars, it makes complete sense,” said Tim D’Alessandro, vice president of Medford City Council.
The tax will go into effect once the state approves a proposed expansion of Medford’s city limits.
NBC5 News Reporter Miles Furuichi graduated from Chapman University with degrees in English and Journalism. He received post graduate experience in Los Angeles in photojournalism and commercial photography. He also spent time in Dublin, Ireland working in print journalism and advertising.
Miles is a Rogue Valley native, raised in Ashland. He enjoys hiking, mountain biking and photography.