>From the start, despite being widely described as a “mansion tax,” the measure has applied to most real estate transactions that meet the $5 million threshold. That includes apartment buildings, offices and retail centers. Recent data show most of the measure’s revenue so far is coming from buildings that are not mansions.
>A report last month from the L.A. Office of Finance estimated that since the tax took effect in April 2023, about 46% of revenue has come from the sale of pricey single-family homes. About 54% has come from the sale of other types of real estate, such as offices, retail and apartment buildings.
1 Comment
>From the start, despite being widely described as a “mansion tax,” the measure has applied to most real estate transactions that meet the $5 million threshold. That includes apartment buildings, offices and retail centers. Recent data show most of the measure’s revenue so far is coming from buildings that are not mansions.
>A report last month from the L.A. Office of Finance estimated that since the tax took effect in April 2023, about 46% of revenue has come from the sale of pricey single-family homes. About 54% has come from the sale of other types of real estate, such as offices, retail and apartment buildings.