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29 March 2023, 07:04 AM | #1 |
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Hollywood elite and others scramble to leave LA ASAP
Los Angeles is set to implement the "Luxury Home Tax" April 1. In a land where tract homes sell for $2m, homes over $5m will have an additional 4% tax and homes $10m and above will have 5.5% tax upon sale from the seller.
A home owner with a house worth $10m will have to pay the ~ 5-6% sales commission to an agent PLUS the $5.5% surtax on the sale for a total outlay of $1,000,000 upon sale. Mind you, a home assessed at $10m also has a yearly property tax bill of $130,000 in California. The new law does not appear to make allowances for inflation, matters of death, divorce or job relocations. It'll be interesting to see how they intend to collect on people who sell with no equity in the properties because they haven't owned them long enough or they are fully leveraged. https://www.independent.co.uk/life-s...-b2309424.html |
29 March 2023, 07:26 AM | #2 |
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LOL.
These thread always end up locked. Paul and I with Chewie's money are buying up all the houses for when they all come back in 6 months.
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29 March 2023, 07:31 AM | #3 |
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29 March 2023, 07:42 AM | #4 |
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IBTL
California is a beautiful country ... Full of Californians
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29 March 2023, 07:43 AM | #5 |
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29 March 2023, 07:50 AM | #6 |
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Blanksy, i though Chewbacca already owned California (and leveraged it to buy Rhode Island and Kansas).
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29 March 2023, 08:03 AM | #7 |
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Put it up for rent and move on. Seriously, the new tax doesn’t give sellers many options.
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29 March 2023, 08:16 AM | #8 |
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29 March 2023, 08:45 AM | #9 |
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Thankfully they're building those soulless modern glass mini-mansions in Vegas. You can buy one from a Million Dollar Listing personality. Who's your favorite in the show?
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29 March 2023, 09:14 AM | #10 |
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29 March 2023, 09:16 AM | #11 |
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29 March 2023, 09:18 AM | #12 | |
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They blew up my house in Macdonald Ranch blasting those lots. 32 ft cracks in the ceilings
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29 March 2023, 09:20 AM | #13 |
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Hollywood elite and others scramble to leave LA ASAP
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29 March 2023, 09:31 AM | #14 | |
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Btw, if they have massive land in the desert, why are they building the homes so close together??? You'd feel people would want a bit more space and privacy. Especially at that price!
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29 March 2023, 09:35 AM | #15 |
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29 March 2023, 10:30 AM | #16 | |
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Have to love the law of supply and demand, they don't get to those prices because someone decides they do, it takes a lot of buyers to push the prices up, just shows how in demand both Los Angeles and California are to live in. I'm not in a tract home, but don't have to worry about the $5 million threshold either. |
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29 March 2023, 10:54 AM | #17 |
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I used to judge George Harrison harshly for complaining in his song ‘Taxman’ about how much The Beatles were slugged. But I just realised how much it was: according to their accountant, 87.5 per cent on the first £100,000, and 98 per cent on anything above that*. If that’s exaggerated, there are other accounts (like in Ian MacDonald’s ‘Revolution In The Head’) that it was above 90 per cent.
Not to hijack the thread but: sorry after all, George. *Source: https://www.theguardian.com/thebeatl...606549,00.html |
29 March 2023, 11:06 AM | #18 | |
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It should not come as a surprise that once you have total control over people you can also take all their money. What will they do to fight back? Write a letter?
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29 March 2023, 11:11 AM | #19 | |
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“‘There’s one for you, 19 for me [shillings taxed for every 20 in a Pound]… Should five per cent [you’re left with, not what you’re paying!] appear too small?’” |
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29 March 2023, 11:18 AM | #20 |
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29 March 2023, 11:28 AM | #21 |
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29 March 2023, 11:30 AM | #22 | |
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No. They claimed they made seismic measurements and it was same velocity as a trash truck driving by Was about $6,000 repair. Not terrible but annoying.
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29 March 2023, 11:32 AM | #23 |
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29 March 2023, 11:33 AM | #24 |
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Didn’t they fix this?
By that I’m referring to houses they are planning to sell for $1 in some cities… Sent from my iPhone using Tapatalk |
29 March 2023, 11:35 AM | #25 |
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It's almost as if someone realized "hey if these people have $5m to spend on one house, we can give them higher tax rates to compensate for the people who can't afford to lose a similar percentage of their income/capital."
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29 March 2023, 11:41 AM | #26 |
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Sorry to keep going back to The Beatles (!), but I like your sentiment, and it’s what annoyed me about George’s anti-taxation stance… until I realised he wasn’t griping about paying (imagine that!), but being left with, 5 per cent. Okay, I’ll shut up about The Beatles now!
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29 March 2023, 12:15 PM | #27 |
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Californians created their own problems.
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29 March 2023, 01:32 PM | #28 |
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29 March 2023, 01:50 PM | #29 |
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29 March 2023, 02:16 PM | #30 |
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We’re full, plus it sucks here. Sent from my iPhone using Tapatalk
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