voters have approved a tax on property deals worth over $10million to help raise more than $1billion for affordable homes.The levy, known as Proposition ULA, will see property deals between $5million and $10million taxed 4 percent, and mega mansion deals worth over the $10million taxed 5.5 percent. This would represent $55,000 on a $10million property deal.Currently, the rate of tax on all property sales is a low 0.45 percent. That will change on April 1 when the new measure takes effect.
Load More
Load More