Measure ULA also known as the “Mansion Tax” update
By Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002
(Berkshire Hathaway HomeServices California Properties)
Measure ULA also known as the “Mansion Tax” updateJust a quick background to those who are not familiar with the history. Better known as” Mansion Tax” some people called it the “Homelessness and Housing Solution Tax”. The intent was to raise taxes on property sales exceeding $5 million within the City of Los Angeles. The voters approved the Measure ULA in November of 2022. In turn it became a legally binding ordinance on April 1st, 2023. Basically a 4% transfer tax was imposed on property with a value ranging from $5 million to $10 million and a 5.5% transfer tax exceeding $10 million. Not only did this apply to Residential, but to commercial properties as well.Well, the update is that as of June 30th,2024 the sales price has to exceed $5,150,000 -$10,300,000 for the 4% tax and anythin...
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