For Sale: Mansions in Los Angeles at Bargain Prices
24th March 2023
In November, Los Angeles voters backed Measure ULA, a transfer tax on big-ticket property sales that the city says will generate a new revenue stream for affordable housing projects and homelessness prevention. Known colloquially as the “mansion tax,” Measure ULA will impose a 4 percent tax on property sales above $5 million, and a 5.5 percent tax on properties above the $10 million mark.The tax must be paid by the seller.
L.A. seems determined to drive away all of the people who pay the taxes they use for their proglodyte dreams.