M E A S U R E U L A
EFFECTIVE April 1, 2023
Will this affect you? Yes, if your home will sell for over $5MIL in Los Angeles.
In addition to the property transfer tax you pay when you sell your home in Los Angeles, there is now an additional tax throughout the City of Los Angeles.
$5MIL - $9,999,999 will be taxed at 4%
$10MIL + will be taxed at 5.5%
Currently, the property transfer tax on a on a $5MIL home is $27,500. As of April 2023, there will be an additional tax and for this some home you will pay a secondary tax of $200,000. The tax on the sale of a home of $10,000,000 will be $550,000 effective April 2023.
This is significant. If you are concerned and think it might be time to sell now, schedule an appointment to discuss so you can make the best financial decision for your family.
For a downloadable informational document on Measure ULA click here.