In early 2023, L.A.’s luxury real estate market experienced a boom as deals were closed before the April 1 implementation of Los Angeles’ Measure Ula, known as the “mansion tax.” In the first quarter, the number of $5 million-plus homes sold increased by 35 percent, with Brentwood, Pacific Palisades and Hancock Park proving particularly active. Before the tax went into effect, Brad Pitt sold a compound for $33 million, while Mark Wahlberg sold a mega-mansion for $55 million. After April 1, taxes on those properties would have been about $1.8 million and $3 million, respectively.
Measure Ula adds a transfer tax of 4 percent for sales above $5 million and 5.5 percent for deals above $10 million; real estate transactions in the city below those levels pay the already-established transfer tax rate of .56 percent.
“The flurry of activity that happened up until April 1 was pretty phenomenal,” says real estate attorney Loretta Thompson, a partner at Withers. “And then, of course, after that,...
Measure Ula adds a transfer tax of 4 percent for sales above $5 million and 5.5 percent for deals above $10 million; real estate transactions in the city below those levels pay the already-established transfer tax rate of .56 percent.
“The flurry of activity that happened up until April 1 was pretty phenomenal,” says real estate attorney Loretta Thompson, a partner at Withers. “And then, of course, after that,...
- 7/15/2023
- by Hadley Meares
- The Hollywood Reporter - Movie News
IMDb.com, Inc. takes no responsibility for the content or accuracy of the above news articles, Tweets, or blog posts. This content is published for the entertainment of our users only. The news articles, Tweets, and blog posts do not represent IMDb's opinions nor can we guarantee that the reporting therein is completely factual. Please visit the source responsible for the item in question to report any concerns you may have regarding content or accuracy.