Menu

Property Tax Resources

42 minutes reading time (8422 words)

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. 


This email address is being protected from spambots. You need JavaScript enabled to view it.
Greenberg Traurig, LLP
American Property Tax Counsel (APTC)

Arizona Property Tax Updates
Canada Property Tax Updates

American Property Tax Counsel

Recent Published Property Tax Articles

Reject Tax Assessors’ Finance-Industry Valuations

Appraisals designed for lenders often inflate assessments of seniors living real estate for property taxation.

Appraisal methodologies for financing seniors housing properties factor in more than real estate to produce amounts that exceed property-only value. That means seniors housing owners may be paying real estate taxes on non-real-estate assets.

Everyone can...

Read more

3 Keys to Appealing an Unfair Assessment

Spencer Fane's Michael Miller on the critical steps for finding tax relief.

This is a challenging time in the property tax world. Pandemic-era federal assistance programs have dried up, increasing communities' appetite for tax dollars to deal with crime, homelessness, transportation and other issues. Recognizing that inflation has put taxpayers under...

Read more

Drew Raines: How to Reduce Student Housing Property Tax Assessments Post-Pandemic

Not long ago, assessors' student housing properties valuations generally struggled keeping pace with the rising market.College enrollment was high, rent growth outpaced expenses and student expectations lined up with most newer facility amenities. However, the COVID-19 pandemic and its fallout changed the game.

Property taxes are often the single highest expense...

Read more

Member Spotlight

Members

Forgot your password? / Forgot your username?