LA City Councilmember Bob Blumenfield says the Office of Finance must ensure that the new tax rates are being enforced.
The Los Angeles City Council approved a motion on Wednesday, Sept. 6 calling for monthly reports on revenues collected via Measure ULA, the so-called “mansion tax” that took effect in April and adds a 4% charge on all residential and commercial real estate sales in the city above $5 million and a 5.5% charge on sales above $10 million.
The county collects the DTT on behalf of the city at the time the document is recorded, and the tax is then remitted to the city and accounted for as part of general fund revenue. For property sales above $100 but not exceeding $5 million, the DTT has remained at .45% of the property value, according to Blumenfield’s motion. For sales above $5 million but below $10 million, the tax is 4.45%, and for sales of $10 million and above, the tax is 5.95%.
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