A couple of years ago, Los Angeles voters thought that if the city could just tax high-end real estate transactions, it would help the new mayor they were electing reduce homelessness. The only thing to fall, though, has been activity in the real estate market.
Measure ULA, approved by nearly 58% of the voters, initially imposed a 4% “mansion tax” on the sales of any homes or commercial properties valued at more than $5 million. The rate jumped to 5.5% on sales above $10 million. The thresholds increased to $5.15 million and $10.3 million on July 1.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.
Yet another example of a tax that didn’t live up to its promises
Kerry Jackson
A couple of years ago, Los Angeles voters thought that if the city could just tax high-end real estate transactions, it would help the new mayor they were electing reduce homelessness. The only thing to fall, though, has been activity in the real estate market.
Measure ULA, approved by nearly 58% of the voters, initially imposed a 4% “mansion tax” on the sales of any homes or commercial properties valued at more than $5 million. The rate jumped to 5.5% on sales above $10 million. The thresholds increased to $5.15 million and $10.3 million on July 1.
Read the full article in the Los Angeles Daily News
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.