Los Angeles’ Measure ULA transfer tax has crossed a significant revenue threshold. Nearly three years after being implemented, proceeds from so-called “mansion tax” have exceeded $1 billion, Commercial Observer reported. Under the ordinance, transactions for properties between $5.3 million and $10.6 million incur an additional 4 percent tax, and deals for $10.6 million or more trigger a 5.5 percent tax. City officials have long said that money earned from the transfer tax will go toward funding affordable housing and homelessness prevention programs. As of Jan. 8, Measure ULA has generated more than $1 billion from 1,435 transactions, according to Los […]
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