AUGUST 2012: New SFMTA Medallion Transfer Program
The sfmta board approved a new medallion transfer program at its August
21, 2012 meeting. The program is described as "permanent" and replaces the
medallion sales pilot program effective September 20, 2012.
Here are the main features:
1. All Proposition K and pre-K medallion holders age 60 and older, or
who are disabled, may "surrender" their medallion to sfmta, which will
compensate the outgoing medallion holder with a $200,000 payment. This is
the same pre-capital gains taxes net amount received by sellers under the
pilot program (i.e., during the pilot, medallions sold for $250,000 , less a
$50,000 transfer fee).
2. SFMTA intends to sell the surrendered medallions to qualified taxi
driver applicants at a new set price of $300,000.