critical for families in California. Consulting with legal and financial professionals can help families navigate the complexities of Proposition 19 and minimize potential tax burdens. California Proposition 19 has brought significant changes to property tax laws, especially concerning the inheritance of property. While it provides some relief for homeowners, particularly those affected by wildfires, it also imposes stricter rules on property transfers between parents and children. Understanding the nuances of Proposition 19 and seeking professional advice is essential for individuals and families navigating these changes in California's property tax landscape.
Los Angeles Mansion Tax
What is Measure ULA? It’s critical to know if you’re selling a high end property (residential or commercial) Measure ULA, commonly referred to as the LA Mansion Tax, is a special transfer tax above and beyond the city’s base transfer tax, a regular closing expense paid at the final stages of a real estate transaction. In this case, in addition to the base transfer tax, Los Angeles properties valued over $5 million may be subject to an additional transfer tax called the ULA tax. It’s important to think of the new tax as a closing cost, as it is customarily paid out at the closing of a home or real estate purchase. Los Angeles homeowners interested in selling their luxury real estate in LA should work closely with their real estate broker to ensure they know what that closing expense may look like.
Under the current ULA measure, sellers are responsible for
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