Monthly Archives December 2022

New Transfer Tax on All Real Property Sales Over $5 Million in LA

Manny Trelles, CPA Tax Manager   Measure ULA (aka the “Homelessness and Housing Solutions Tax”) was recently approved by voters in the City of Los Angeles. The new transfer tax is set to start April 1st, 2023. The transfer tax applies to all real property asset classes in the City of Los Angeles as follows: Residential Property (examples include single-family home, multi-family homes, and apartment buildings) Commercial Property (examples include office buildings, restaurants, or a warehouse) Vacant Land Under the new tax, sales of residential and commercial real property valued at over $5 million but less than $10 million in
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Categories: Industry News and Newsletter and Updates.