"Real estate remained upbeat on a proposed ballot measure to amend the so-called mansion tax even as the Los Angeles City Council told one of its most prominent members to slow her rollback. A fiery debate ensued during Tuesday's Los Angeles City Council meeting over the fast-tracking of a proposed 15-year carveout of the Measure United to House L.A. tax for new multifamily, commercial and mixed-use developments, in addition to an exemption for property owners impacted by a natural disaster."
"Currently, ULA applies a 4 percent property transfer tax on all real estate deals commercial or single-family starting at $5.3 million. The tax bumps up to 5.5 percent on deals of $10.6 million or more. The request to draft a ballot measure for June was made Friday by progressive councilwoman Nithya Raman, a member of the Democratic Socialists of America who became a leader of the progressive wing of the council"
Los Angeles City Council debated a fast-tracked proposal to amend Measure ULA by creating a 15-year carveout for new multifamily, commercial and mixed-use developments and an exemption for property owners affected by natural disasters. Measure ULA currently applies a 4 percent transfer tax on sales starting at $5.3 million and rises to 5.5 percent on deals of $10.6 million or more. Councilmember Nithya Raman requested a June ballot measure to address perceived unintended consequences of the two-tier tax that she says has depressed apartment and commercial development. Real estate stakeholders reacted positively to the proposed amendments.
Read at therealdeal.com
Unable to calculate read time
Collection
[
|
...
]