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 one among many actual property brokers who assume it is absurd.
Josh joined us Thursday on “TMZ Dwell,” and instantly dumped on measure ULA … calling it “the dumbest tax ever put by within the historical past of Los Angeles.” Handed on the poll final November, it slaps a 4 p.c tax on properties promoting for $5 mil and up, and 5.5 p.c on these promoting above $10M.
Josh factors out the ridiculous methods brokers must work across the taxes in the event that they needed 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 towards battling the homeless disaster in L.A. by creating extra reasonably priced 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 assume this solely impacts the wealthy … Josh advised us why he believes there’s gonna be a trickle-down that ultimately hurts all householders.