"Sorry if I'm shouting, Williams said, a bit sheepishly."
"It is an additional 5.5 percent [on sales of $10.6 million or more] on top of escrow fees and commissions, Williams said."
"You are paying a tax that has no forbearance. In other words, you could still be losing money on your property. You could be upside down on your property and you are still paying a mansion tax that, by the way, nobody even knows where the money's going."
Measure ULA imposes a 5.5 percent tax on property sales of $10.6 million or more intended to fund homelessness prevention and affordable housing. The tax is calculated on price rather than profit, meaning sellers can owe the levy even if they incur a loss or are upside down on a property. Critics say the tax has chilled high-end dealmaking more than interest rates or global events. Despite the headwind, top Los Angeles agents collectively closed $9.7 billion in deals, and one team recorded nearly $1.3 billion in sales across 197 MLS transactions during the measured year. The ranking excluded deals under $1 million and off-market sales.
Read at therealdeal.com
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