Homeowners, developers and real estate agents are all bracing for the incoming mansion tax set to hit L.A. next year.
Just weeks after Los Angeles voters
Others are getting a bit more creative. Since the tax only affects sales above $5 million, some homeowners are looking into splitting up their properties into smaller parcels with different ownershipFor example, if a homeowner is selling a mansion for $15 million, they’d be slapped with a $825,000 tax bill. But if they split up the property into three parts owned by three different entities and sold all three pieces for $4.
Another strategy might be to hatch deals off the books to keep a sale under $5 million. For example, if a seller wanted $7 million for their house, they could reach a deal with a buyer to sell it for $4.999 million, thus avoiding the tax, but then sell the furniture in the home for $2 million.Jason Oppenheim of the Oppenheim Group called the tax a travesty. He says sales will skyrocket for the next three months, but once the tax kicks in, the market will freeze.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Florida Senate approves insurance overhaul that hits homeowners hardThe decidedly industry-friendly bill comes with no guarantee that premium rates will drop. But for customers — especially the 1.1 million policyholders in state-supported Citizens Property Insurance Corp. — the measure will certainly have an impact.
Leer más »
Phone bank to help connect Cook County homeowners with unclaimed property tax refunds, exemptionsThe phone bank aims to connect Cook County homeowners with $136 million in unclaimed property tax refunds and exemptions.
Leer más »
Storm throws Grapevine homeowners' porch onto roof, manger scene untouchedTuesday's severe storms in Grapevine left behind a trail of damage and at least 5 people injured, but a sign of the holiday season remained untouched by the weather.
Leer más »
Company accused of misleading homeowners into signing 40-year listing deals now facing legal troubleMV Realty's business practice is simple: They give you cash. If you don't sell your home, you can keep it. But if you do sell, you must use their agent to sell your home.
Leer más »
Legislators move quickly on insurance changes in special session - Jacksonville Business JournalOpponents said the bill is tilted toward insurers instead of providing relief to homeowners.
Leer más »
Pa. homeowners are getting scammed by a Florida-based real estate firm, the attorney general and advocates sayDaily News | Pa. homeowners are getting scammed by a Florida-based real estate firm, the attorney general and advocates say
Leer más »