Taxing times
REAL ESTATE • On the Market
The mansion tax went into effect for the City of Los Angeles on April 1, levying a 4% charge on all residential sales in the city between $5 million and $10 million, and 5.5% on sales above $10 million. The impact so far? Just above $5 million or $10 million, nothing is trading.
That’s because the tax wipes out any gains from $…
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