Hollywood elite and others scramble to leave LA ASAP

[SDGT3]

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

[Blansky]

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.

[THC]

I am coming up on 10k posts

[EEpro]

IBTL

California is a beautiful country ...


Full of Californians

[Chloe&Harley]

Originally Posted by THC

I am coming up on 10k posts

[enjoythemusic]

Blanksy, i though Chewbacca already owned California (and leveraged it to buy Rhode Island and Kansas).

[Maleg]

Put it up for rent and move on. Seriously, the new tax doesn’t give sellers many options.

[SDGT3]

Originally Posted by Blansky

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.

Just reporting the entertainment news. Who doesn't want to know what Britney Spears is up to?

[enjoythemusic]

Originally Posted by Maleg

Put it up for rent and move on. Seriously, the new tax doesn’t give sellers many options.

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?

[Wcdhtwn]

Originally Posted by enjoythemusic

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?

Heather.

[brandrea]

Originally Posted by THC

I am coming up on 10k posts

[EEpro]

Originally Posted by enjoythemusic

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?

They blew up my house in Macdonald Ranch blasting those lots. 32 ft cracks in the ceilings

[RustE]

Originally Posted by EEpro

…
California is a beautiful country
…
Full of Californians…

Whom should be required to stay in the society they created.

[enjoythemusic]

Originally Posted by EEpro

They blew up my house in Macdonald Ranch blasting those lots. 32 ft cracks in the ceilings

Oh my! Sorry to hear that. Are they going to do right by you?

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!

[330ci]

Originally Posted by Maleg

Put it up for rent and move on. Seriously, the new tax doesn’t give sellers many options.

Buy my Ferrari for $5M and you can have the house for $1.

[Tri-Tip]

Originally Posted by SDGT3

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

Tract homes aren't quite $2 million, but many are pushing $1 million in good areas.

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.

[White Collar Boy]

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

[EEpro]

Originally Posted by White Collar Boy

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

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?

[White Collar Boy]

Originally Posted by EEpro

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?

Yes, or grow their own Apple.

“‘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?’”

[train-time]

Originally Posted by EEpro

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?

And it's only the beginning

[TheVTCGuy]

Originally Posted by blansky

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.

shhhhhhhhhh!!!!!!!!!!!!!

[EEpro]

Originally Posted by enjoythemusic

Oh my! Sorry to hear that. Are they going to do right by you?

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!

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.

[White Collar Boy]

Originally Posted by EEpro

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.

Ah, that sucks.

[TheDude]

Didn’t they fix this?

By that I’m referring to houses they are planning to sell for $1 in some cities…


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[OverGeared]

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."

[White Collar Boy]

Originally Posted by OverGeared

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."

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!

[DLRIDES]

Californians created their own problems.

[singe89]

Originally Posted by DLRIDES

Californians created their own problems.

Well the average person doesn’t know what they are voting for and consistently vote to raise taxes and wasteful spending. The good news is they are also leaving CA and moving to other states.

[DLRIDES]

Originally Posted by singe89

and moving to other states.

That’s truly horrific !

[southtexas]

Originally Posted by DLRIDES

That’s truly horrific !

We’re full, plus it sucks here.


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