Vote NO on Measure ULA the City of Los Angeles Real Estate Mansion Tax
Vote NO on Measure ULA the City of Los Angeles Real Estate Mansion Tax | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
L.A. is getting ready to vote on ‘mansion tax’ to raise money for housing.
The measure going before city voters on November 8.
Known as Measure ULA, or “United to House L.A.,” the “mansion tax” would impose an additional tax on commercial and residential property sales that exceed $5 million.
Our two mayoral candidates Karen Bass, & Rick Caruso don’t support it.
As you know I am a huge supporter of helping with a permanent housing solution for homeless people in LA but this is not the way to go.
The measure, known as a documentary transfer tax would impose a one-time 4% tax on property sales above $5 million would be about $200,000.
It would rise to 5.5% on transactions above $10 million.
A $5-million sale would generate a $550,000 tax bill.
This is more than 10 times the current amount.
A simple majority of votes cast in the Nov. 8 election is required for passage.
Measure ULA has NOT been endorsed by either major political party.
Vote No on Measure ULA.
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