A parcel tax plan to rescue Muni would charge most homeowners at least $129 annually if voters approve the policy in November.

The finalized tax scheme, which updates a version presented Dec. 8, comes after weeks of negotiations between city officials and transit advocates.

The plan lowers the levels previously proposed for owners of apartment and condo buildings. They would still pay a $249 base tax up to 5,000 square feet of property, but additional square footage would be taxed at 19.5 cents, versus the previous 30 cents. The tax would be capped at $50,000.

The plan also adds provisions limiting how much of the tax can be passed through to tenants in rent-controlled buildings. Owners of rent-controlled properties would be able to pass through up to 50% of the parcel tax on a unit, with a cap of $65 a year.

These changes bring the total estimated annual tax revenue from $187 million to $183 million and earmark 10% for expanding transit service.

What you pay depends on what kind of property you or your landlord owns. There are three tiers: single-family homes, apartment and condo buildings, and commercial properties.

Owners of single-family homes smaller than 3,000 square feet would pay the base tax of $129 per year. Homes between 3,000 and 5,000 square feet would pay the base tax plus an additional 42 cents per square foot, and any home above 5,000 square feet would be taxed at an added $1.99 per square foot.

Commercial landlords would face a $799 base tax for buildings up to 5,000 square feet, with per-square-foot rates that scale with the property size, up to a maximum of $400,000.

The finalized plan was presented by Julie Kirschbaum, director of transportation at the San Francisco Municipal Transportation Agency, at a board meeting Tuesday.

The plan proposed in December was criticized for failing to set aside funds to increase transit service and not including pass-through restrictions for tenants.

The tax is meant to close SFMTA’s $307 million budget gap, which stems from lagging ridership post-pandemic and the expiration of emergency federal funding. Without additional funding, the agency would be forced to drastically cut service. The parcel tax, a regional sales tax measure, and cost-cutting, would all be needed to close the fiscal gap.

The next steps for the parcel tax are creating draft legislation and launching a signature-gathering campaign to place the measure on the ballot.

Any measure would need review by the city attorney’s office. But all stakeholders have agreed on the tax structure presented Tuesday, according to Emma Hare, an aide to Supervisor Myrna Melgar, whose office led negotiations over the tax between advocates and City Hall.

“It’s final,” Hare said. “We just need to write it down.”