TMZ.com
L.A.’s new “mansion tax” is about to enter impact, forcing sellers to cough up a ton of money if their property sells for a minimum of $5 million … and Josh Altman is certainly one of many actual property brokers who suppose it is absurd.
Josh joined us Thursday on “TMZ Live,” and instantly dumped on measure ULA … calling it “the dumbest tax ever put through in the history of Los Angeles.” Passed on the poll final November, it slaps a 4 % tax on properties promoting for $5 mil and up, and 5.5 % on these promoting above $10M.
Josh factors out the ridiculous methods brokers must work across the taxes in the event that they wished to, together with itemizing it for cheaper than its precise worth … simply to dodge the extra tax.
The promoting level to voters who supported the tax was the funds would go toward battling the homeless disaster in L.A. by growing extra inexpensive housing — it is projected to herald $1B yearly.
Josh tells us he is all for serving to the unhoused, however simply does not consider they will get a dime from the brand new taxes.
The “mansion tax” goes into impact April 1, so sellers are scrambling to shut offers earlier than that — and whereas many suppose this solely impacts the wealthy … Josh instructed us why he believes there’s gonna be a trickle-down that finally hurts all owners.
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