Property Tax Resources

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California Property Tax Updates

UPDATED december 2022

Los Angeles Voters Approve Major Transfer Tax Increase

Last November, voters in the City of Los Angeles approved a major increase in the documentary transfer tax rate for real property sales or transfers.  The electorate’s approval of Measure ULA increased the transfer tax rate to 4% on sales or transfers exceeding $5 million and to 5.5% on sales or transfers exceeding $10 million.  The existing transfer tax rate in Los Angeles is 0.56% of the value for the realty sold, making the new rates seven to ten times higher than the existing rate.  Funds received from the increased tax revenues are earmarked for projects that address housing availability and homelessness.  The ordinance instituting the new tax rates is being challenged in court by property owner advocacy groups on grounds the ordinance’s passage did not comply with the 2/3 approval requirement in California’s Proposition 13.  The new tax rates will apply to sales and transfers occurring on or after April 1, 2023. 

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Greenberg Traurig, LLP
American Property Tax Counsel (APTC)

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American Property Tax Counsel

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