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What You Need To Know About the Los Angeles Mansion Tax
Jul 25, 2024
If you own a property worth more than $5 million, it is imperative to understand the city of Los Angeles’ mansion transfer tax, implemented in April 2023. This new law imposes a sales tax on high-value properties, affecting many property owners.
Attorney Edrin Shamtob discusses this issue in the video below. If you have any questions or concerns about how the mansion transfer tax affects your property, do not hesitate to contact us. At SNS Law Group, we are committed to providing expert legal guidance to help you navigate this complex tax landscape. Our team is here to assist you in any way possible.
Transcript:
Do you have a property that’s worth more than $5 million? If so, you need to be aware of the city of Los Angeles’ mansion transfer tax.
Hi, my name is Edrin Shamtob. I’ve been a licensed California attorney for more than a decade. And during that time, I’ve helped hundreds of my clients navigate complex real estate transactions. If you like what you see here today, please make sure to share, like, and follow.
Los Angeles Mansion Tax
The property mansion tax was passed in April 2023 and it essentially imposes a sales tax on the sale of all real estate properties in the city of Los Angeles.
Mansion Tax Rates
The law includes a 4% tax on property sold between $5 million and $10 million and a 5.5% tax on properties sold above $10 million.
Property Sale Price vs Equity
The most important part of this law is that it applies to the sale price of the property and does not take into consideration your equity position. So even if you have zero equity in the property, they’re still going to force you to pay the property transfer tax.
Contact Us Regarding Your Real Estate Transactions and Tax
If you have questions about your property or if you’re wondering about how the tax is going to impact you, please feel free to give us a call. We’d be happy to help any way we can.
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