Measure ULA passed in the November election and it increases the transfer tax of real estate (commercial as well, not just residential) sold for $5 million and more which is located within the City of Los Angeles.
The new tax imposes an additional 4% transfer tax for commercial properties valued $5 to $10 million and an additional 5.5% for commercial properties valued at $10 million or more. The tax applies even if the property is sold at a loss.
This new tax takes effect April 1st, 2023. To explore your selling options before this tax takes effect, contact me now.