5/21/2023 0 Comments Rust creek netflix![]() They know how to manage cash, and they have time to look for loopholes,' Compass agent Bret Parsons told the newspaper. Since the new tax only hits properties above $5 million, some homeowners are considering carving their property up into separate units, the Los Angeles Times reported in December.įor instance, a $12million property would carry a $714,000 excise tax under the new law. But if it were split up and sold as three $4million properties, the deal would carry a total tax of just $54,000 under the city's 0.45 percent base rate.Īnother rumored scheme involves listing a home just under $5million, but reaching a separate deal with the buyer to purchase the furniture inside for millions more. Meanwhile, as the deadline to close sales looms, sellers are already plotting creative ways to get around the new tax. if you bought a house two years ago, you probably are in the red, so you still have to pay this tax even if you lose money ' the celebrity realtor noted. 'And the worst part about it is, even if you lose money. 'This is going to trickle down - really important - and it's going to affect everybody, the people in the $500,000 condos, the million house, the two million house,' argued Altman in an interview with CNBC. Grand Avenue also sold for $47million on Wednesday, down from the asking price of $55millionĪlthough it has been dubbed the 'mansion tax,' the new levee will impact all properties sold for more than $5million, including commercial property and multi-unit housing complexes, raising costs for developers. The new tax, which voters backed in a November referendum, is intended to generate funds to tackle the city's homelessness crisis - but has thrown the city's property market into panic, with Million Dollar Listing star Josh Altman calling it 'the dumbest tax to ever come to Los Angeles.' Grand Avenue also sold for $47million on Thursday, down from the asking price of $55million, according to a report from CoStar citing a person with direct knowledge of the deal. On Thursday, Waterbridge Capital closed a $111million deal to purchase the 40-story Union Bank Plaza in downtown LA, which had been estimated to go for $250million when sales talks began two years ago, according to The Real Deal. Known as Measure ULA, the tax takes effect on April 1, and will charge sellers a new 4 percent tax on property transfers above $5million, and 5.5 percent on sales above $10million, on top of a base rate of 0.45 percent for all home sales. An historic Los Angeles skyscraper sold at a steep discount in the final hours before the city's new 'mansion tax' kicks in, as sellers race to beat the deadline and seek ways to avoid the tax once it takes effect.
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