Will the Mansion Tax hit your Commercial Property?
Measure ULA passed in the November election and it increases the transfer tax of real estate (commercial as well, not just residential) sold for $5 million and more which is located within the City of Los Angeles.
The new tax imposes an additional 4% transfer tax for commercial properties valued $5 to $10 million and an additional 5.5% for commercial properties valued at $10 million or more. The tax applies even if the property is sold at a loss.
This new tax takes effect April 1st, 2023. To explore your selling options before this tax takes effect, contact me now.
