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Los Angeles' 'mansion tax' has frozen luxury home sales: Just TWO homes above $5 million were sold in April after new law passed - down from 126 in March - and the sales netted the city $528,000 in tax to spend on the homeless
Daily Mail ^ | 5/6/23 | Kamal Sultan

Posted on 05/06/2023 10:10:10 AM PDT by CFW

The newly introduced Los Angeles 'mansion tax' has frozen luxury home sales with just two properties above $5 million sold in April which is down from 126 in March.

The policy, which came into effect April 1, sees the city take a four percent cut of all home sales between $5 million and $10 million.

And for mega mansions that break the $10 million threshold, homeowners lose 5.5 percent of their sale price if they decide to cash in on their estate.

There were just two homes sold for more than $5 million once the new policy was introduced in April, according to the Los Angeles Times.

These sales netted the city $528,000 to spend on affordable housing and homelessness prevention programs.

(Excerpt) Read more at dailymail.co.uk ...


TOPICS: Business/Economy; Extended News; Government; US: California
KEYWORDS: california; homeless; losangeles; mansiontax; reducerevenue; taxes; tyranny
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To: CFW
"Increased taxes, especially punitive taxes, usually result in less taxes actually being collected although voters were promised otherwise."

Increased taxes, especially punitive taxes, always result in less taxes actually being collected although voters were promised otherwise.
IMHO...šŸ˜•

21 posted on 05/06/2023 10:31:52 AM PDT by SuperLuminal (Where is the next Sam Adams when we so desperately need him)
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To: CFW

I’ve alway thought that real estate commissions of 6% were greedy, at least for luxury homes. This will hurt the realtors more than the homeowners. No sales = no commissions.


22 posted on 05/06/2023 10:32:06 AM PDT by The people have spoken (Proud member of Hillary's basket of deplorables)
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To: ProtectOurFreedom

Given its California I wouldn’t doubt it one bit.


23 posted on 05/06/2023 10:34:00 AM PDT by V_TWIN (America...so great even the people that hate it refuse to leave!)
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To: CFW

They overestimated the supply of stupid millenial TikTok-millionaires-for-six-monthsers.


24 posted on 05/06/2023 10:34:13 AM PDT by Steely Tom ([Voter Fraud] == [Civil War])
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To: CFW

What is it about so many lefties, that they NEVER understand the ‘ripple’ effect of their actions. They pull something ridiculous, and expect changes totally in isolation. They don’t realize that their actions result in a myriad interactions.

We are currently in a Provincial election on May 29 in Alberta. Some of the Bravo Sierra spread by the socialist/communist NDP (New Democratic Party) is just unreal! The fear is, through their deceitful averting, they MAY win! God help us!

Socialists are mentally ill, or perhaps just loathe their constituents. A pox on them all!


25 posted on 05/06/2023 10:38:45 AM PDT by A Formerly Proud Canadian ( Ceterum autem censeo Justinius True-dope-us esse delendam)
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To: CFW

Good for LAX. Stick it to the rich.


26 posted on 05/06/2023 10:39:48 AM PDT by nwrep
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To: CFW
Increased taxes, especially punitive taxes, usually result in less taxes actually being collected although voters were promised otherwise.

Its all part of the plan, now the state will say we are not generating enough funds so we need to drop the price point for the tax to 1 million or even 800K.

27 posted on 05/06/2023 10:40:17 AM PDT by usurper (AI was born with a birth defect.)
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To: A Formerly Proud Canadian

The word “”consequences””is not in their vocabulary.....


28 posted on 05/06/2023 10:41:22 AM PDT by Hambone 1934 (Dems love playing Nazis.....The republicans love helping them)
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To: CFW

Two words: Laffer Curve.


29 posted on 05/06/2023 10:41:53 AM PDT by mewzilla (We will never restore the republic if we don't first secure the ballot box.)
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To: CFW

Don’t forget, these horrendous 4% ($5M-$10M) and 5.5% (>$10M) taxes are ON TOP of the Obamacare 3.8% tax that was never repealed (income >$250k married couples / $200k individual). So people are paying the GD government a total of 7.8% to 9.3%.

In CA, that’s on top of the highest-in-the-nation income taxes and highest-in-the-nation sales taxes.


30 posted on 05/06/2023 10:42:34 AM PDT by ProtectOurFreedom (I donā€™t like to think before I say something...I want to be just as surprised as everyone elseā€¦)
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To: usurper

Exactly

My nieces house in El Segundo is a million dollars

And it ain’t all that much of a house


31 posted on 05/06/2023 10:44:41 AM PDT by digger48
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To: CFW
These sales netted the city $528,000 to spend on affordable housing and homelessness prevention programs.

Wow! Sounds like a great solution to the homeless problem. That kind of money would pay for... one-third of a single public toilet in San Francisco. The good news is that it's a really nice toilet...

32 posted on 05/06/2023 10:45:43 AM PDT by Billthedrill
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To: gibsonguy

Mansion tax...the price the rich have to pay to escape. Watch..the government will ratchet down the threshold so eventually everyone wil get the purple shaft.


33 posted on 05/06/2023 10:46:01 AM PDT by Bonemaker (invictus maneo)
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; BraveMan; cardinal4; ...
Entertainment industry nitwits hardest hit!

34 posted on 05/06/2023 10:50:13 AM PDT by SunkenCiv (NeverTrumpers are Republicans the same way Liz Cheney is a Republican.)
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To: A Formerly Proud Canadian
What is it about so many lefties, that they NEVER understand the ā€˜rippleā€™ effect of their actions.

They can't even see the "ā€˜rippleā€™ effect of their actions."

And they can't admit they're wrong. They'll redefine the ordinary words of the English language so they don't have to admit they're wrong.

35 posted on 05/06/2023 10:50:15 AM PDT by Steely Tom ([Voter Fraud] == [Civil War])
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To: CFW

This is just one step towards the end goal of eliminating private property - seizing everything that everyone owns (except for the ruling elite) and giving it to people who didn’t earn it. In other words, communism.


36 posted on 05/06/2023 10:50:21 AM PDT by I want the USA back (No one is assigned sex at birth. One's sex is noted and recorded. My pronouns Haha, hehe, hoho, hoo )
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To: A Formerly Proud Canadian
"It depends on what the meaning if 'is' is."

ā€” President Bill Clinton

37 posted on 05/06/2023 10:51:32 AM PDT by Steely Tom ([Voter Fraud] == [Civil War])
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To: A Formerly Proud Canadian

Please, please keep Canada halfway sane...it’s looking more and more like our last refuge from democrats.


38 posted on 05/06/2023 10:53:29 AM PDT by Bonemaker (invictus maneo)
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To: V_TWIN

It is darn near a rounding error for a city the size of Los Angeles.


39 posted on 05/06/2023 10:55:00 AM PDT by FreedomPoster (Islam delenda est)
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To: CFW

So ā€œthe richā€ donā€™t want to just piss away their money for the government to waste? Where are all the celebritards? Shouldnā€™t they be buying and selling their multiple homes to help out?


40 posted on 05/06/2023 10:57:19 AM PDT by vpintheak (Live free, or die!)
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