LA's "Mansion Tax" Sparks Rush to Sell Homes by Hollywood Stars and Sellers.

Homeowners and agents in Los Angeles' luxury real estate market are offering incentives such as luxury cars and higher commissions to sell homes before the April 1 deadline for the "mansion tax," which will bring a one-time transfer tax to high-end property sales. The tax includes a 4% tax on sales above $5 million and a 5.5% tax on sales above $10 million, designed to fund homelessness prevention and affordable housing construction. The market has slowed down this year, with sellers still wanting record-breaking prices, but buyers burdened with higher interest rates aren't taking the bait.