Los Angeles Approves Tax Increase on Real Estate Deals Over $5 Million
December 8, 2022
Los Angeles voters approved to increase the tax on real estate transactions from 0.45% to 4% on properties sold between $5 million – $10 million, and 5.5% for properties sold over $10 million. The increase is effective on April 1, 2023.
The tax increase is expected to raise an estimated $600 million to $1.1 billion a year, which will be used to create affordable housing and reduce homelessness.
Gatto, Pope & Walwick, LLP
Certified Public Accountants