Maximize Your Profit from the Sale of Your Los Angeles Home:
Understanding the Impact of Measure ULA
As a homeowner in Los Angeles, the decision to sell your property is not one to be taken lightly. There are many factors to consider, including timing, market conditions, and potential costs. However, starting on April 1, 2023, there is one factor that should be at the top of your list: Measure ULA.
This new measure will impose a tax on the sale or transfer of real property, with the rate depending on the value of the property. Properties valued at $5 million or more but less than
$10 million will be subject to a 4% tax ($40 per $1,000), while properties valued at $10 million or greater will be subject to a 5.5% tax ($55 per $1,000). These thresholds will be adjusted each year based on inflation.
If you're thinking of selling your Los Angeles home in the near future, it's crucial to understand how this new measure may impact you. For example, if you're selling a property valued at $7 million, you'll be subject to the 4% tax, which amounts to $280,000 (7,000,000 x .04). This additional cost can eat into your profit from the sale and may make a significant difference in your financial plans.
By selling your home before the new tax takes effect, you can avoid this additional cost and maximize your profits. If you're a homeowner in Los Angeles and are considering selling your property, don't wait – the time to act is now. The Shelton Wilder Group is here to help you navigate the complexities of Measure ULA and make the most of your sale. Contact us today to learn more.