Los Angeles Mayor Karen Bass is evaluating Measure ULA, the mansion tax impacting city real estate since 2023, amidst concerns about its effects on recovery from the Pacific Palisades fire. As the city prepares for new tax thresholds taking effect, discussions have arisen about possibly suspending this tax to expedite rebuilding efforts. The mayor is weighing two perspectives on the procedure—whether a council-mayor action could temporarily halt ULA without voter approval, following suggestions from local real estate leaders advocating for exemptions in fire-affected areas.
"Los Angeles Mayor Karen Bass is reportedly looking into what's been a sore spot for real estate since 2023: Measure ULA, often called the mansion tax, which applies a tiered assessment on property sales."
"Now, city attorneys are looking into the possibility of temporarily nixing ULA to help expedite efforts to rebuild the fire-torn Pacific Palisades, which is part of Los Angeles."
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