LA's Wealthiest Brace for Losses as New Mansion Tax Takes Effect.
TL;DR
Los Angeles has introduced a "mansion tax" on its property market, which will see the city take a 4% cut of all home sales between $5m and $10m, and 5.5% of sales over $10m. The tax is expected to raise between $600m and $1.1bn annually for affordable housing and tenant assistance programs. 457 mansions are set to fall under the new tax rules, with the priciest homeowner potentially losing over $8.5m. Some of the most expensive homes on the market, including an $85m listing and a $69m mansion, will be affected by the tax.
Topics:businessreal-estate#affordable-housing#los-angeles#luxury-homes#mansion-tax#property-market#real-estate
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