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Measure ULA also known as the “Mansion Tax” update

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Real Estate Agent with Berkshire Hathaway HomeServices California Properties 01238708

Measure ULA also known as the “Mansion Tax” update

www.endrebarath.com

Just a quick background to those who are not familiar with the history. Better known as” Mansion Tax” some people called it the “Homelessness and Housing Solution Tax”. The intent was to raise taxes on property sales exceeding $5 million within the City of Los Angeles.

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 The voters approved the Measure ULA in November of 2022. In turn it became a legally binding ordinance on April 1st, 2023. Basically a 4% transfer tax was imposed on property with a value ranging from $5 million to $10 million and a 5.5% transfer tax exceeding $10 million. Not only did this apply to Residential, but to commercial properties as well.

Well, the update is that as of June 30th,2024 the sales price has to exceed $5,150,000 -$10,300,000 for the 4% tax and anything above that for the 5.5% transfer tax to take effect.

This is very controversial there are proponents and opponents of this “mansion tax” the purpose of this post is not to focus on the pros or the cons, rather to make potential property owners aware in case they missed the update.

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To the readers of this post who are not living in California or Los Angeles County, keep in mind California usually leads the way when it comes to taxation or real estate related.

 Do not be surprised if your area will adopt similar tax measures in the near future.

 

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Wishing you a safe and healthy life and I look forward to your comments. If you are looking for a knowledgeable, focused and goal-oriented Realtor in the Beverly Hills area who will help you achieve your Real Estate goals, please reach out to me directly! If you are looking for a pet friendly Beverly Hills Realtor who can handle and sell the most difficult properties that no one else could, please reach out to me directly!! If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 ( m) homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com I contribute a portion of my commission to local animal rescue organizations. Endre Barath, Jr. Realtor at Berkshire Hathaway HomeServices California Properties DRE#01238708

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Endre, We do have this "Mansion Tax" too, but it starts at a million. Interesting, but we don't see many listed at $999,999!

Jun 19, 2024 05:31 AM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
The Grit and Gratitude Agent

Hopefully AZ will return to sanity and elect a true conservative as Gov. Thankfully our legislature still has sanity.

Jun 19, 2024 05:51 AM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Interesting Endre, my belief system says it is due & it is another cost to expensive home ownership.  Massachusetts is putting something in place & RI tried but it failed for now.

thank you for sharing!

Jun 19, 2024 06:03 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I remember you talking about this a couple of years ago when we were having lunch with Michael Jacobs and John Pusa 

Jun 19, 2024 06:16 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
The best agent in Southern Utah!

Yes, a Property Transfer Tax has been implemented here when selling houses because of your state, Endre. What's next?

Jun 19, 2024 07:25 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Endre and by the way I voted already.   Great information that you are sharing with us here in the Rain.  Make it a great day!

Jun 19, 2024 08:27 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Endre- I'm with Dorie Dillard Austin TX and Jeff Dowler, CRS It seems to me that CA should look at spending less on those who do not contribute.  BTW I welcome those who are leaving CA to TX with one caveat...leave your politics at the border.  As in Don't Mess With Texas. 

Jun 19, 2024 10:08 AM
George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Endre, California should seriously consider changing it name to Taxfornia!!!

Jun 19, 2024 02:31 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Debra Leisek  you are spot on they do not use it the right way, I wonder where all the money goes? Caiman Island for politicians? :)Endre

Jun 19, 2024 10:22 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina Hollander, Broker  and it was great in those days to live in California:) Maybe you had a premonition??:)Endre

Jun 19, 2024 10:23 PM
Nina Hollander, Broker

Endre Barath, Jr. two years in California and I knew I did not belong on the West Coast!

Jun 20, 2024 04:18 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Kat Palmiotti  before it went into effect a lot of sellers sold I should do a statistics post about that:)Endre

Jun 19, 2024 10:24 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400  why am I not surprised, New York, Long Island, Massachusetts:)Endre

Jun 19, 2024 10:25 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Leanne Smith  keep us posted:)Endre

Jun 19, 2024 10:26 PM
Leanne Smith

Shall do and good morning.

Jun 20, 2024 07:42 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Ginny Gorman  having lived in Massachusetts I am not surprised:)Endre

Jun 19, 2024 10:27 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Brian England  good memory that is when it was initially going in effect, Endre

Jun 19, 2024 10:27 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Wanda Kubat-Nerdin - Wanda Can!  check in with our Governor and then you will know what is next:)Endre

Jun 19, 2024 10:28 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Will Hamm  not sure what you voted for but hopefully not for mansion tax in Colorado:)Endre

Jun 19, 2024 10:30 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Kathy Streib  loved your comment, I noticed sadly the politics go to Texas, North Carolina and other places.... the statistics prove it:)Endre

Jun 19, 2024 10:31 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

George Souto  I remember when we lived in MA we used to call it Taxachussetts, now may I suggest Commifornia as an alternative?:)Endre

Jun 19, 2024 10:33 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Oh my! Thankfully our mean sales price in NC & SC is FAR lower than yours, Endre! We vote and so far, have been able to keep our state legislature body one who shares our values! I still have listings that would be great for you & Diane & your adorable fur babies!!

Jun 21, 2024 08:45 PM