2024 L.A. Mansion Tax Changes: What Los Angeles Homeowners Need to Know Before Selling! 🏡💸

2024 L.A. Mansion Tax Changes: What Los Angeles Homeowners Need to Know Before Selling! 🏡💸

🚨 Important Update for Los Angeles Homeowners and Potential Sellers! 🏡✨ Starting July 1st, 2024, there are significant changes to the L.A. 🏛️ mansion tax that you need to know:

🔹 The threshold for the 4% tax has increased to $5.15 million, and for the 5.5% tax, it’s now $10.3 million, giving you more leeway in your home pricing without triggering the mansion tax. 💸

🔹 A new 0.45% tax will now apply to all 🏡home sales up to $5.15 million. For a million-dollar home, that’s an additional $4,500 in ULA taxes. 📈 in addition to the $1.10 per thousand or L.A. city transfer tax.

🔹 Note: Beverly Hills, Santa Monica, and Culver City are exempt from these taxes. 🚫

Stay informed and prepared if you’re considering selling in LA! If you have questions or need guidance navigating these updates, let’s chat! 📞📲

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