Los Angeles area realtors are scrambling to accommodate anxious sellers and eager buyers as the April 1 deadline to Measure ULA fast approaches. As a realtor with Douglas Elliman for the past seven years who has worked with celebrity clients, I have a front row seat to how this is unfolding.
Measure ULA, which stands for United to House LA, imposes a new tax for the city of Los Angeles. The measure, also described as the “mansion tax,” imposes a 4% tax on property sales exceeding $5 million, and a 5.5% tax on properties that sell at $10 million or higher. This new tax adds to an existing 0.45 percent transfer tax on a sale of a property at these values. These taxes must be paid by the seller. The measure was approved by Los Angeles voters last November.
