Column: Did you strike gold selling your house? A growing chorus says you should share the wealth
And commercial properties have enjoyed an even bigger Proposition 13 benefit by using legal maneuvers to avoid reassessment at the time of sale.
“We built Santa Monica on the backs of these people and now we simply can’t house them,” Himmelrich said. She said she and her husband — like her, an attorney — expect to pull about $200,000 out of their own pockets in trying to qualify a ballot measure that would add a 5% tax on residential and commercial properties that sell for $8 million or more.
It’s easier to pass proposals that add a tax only to high-end sales, because only the very wealthy take a hit. But Culver City Councilman Alex Fisch pushed for the $1.5-million threshold as a matter of principle. He said he wanted more people “to have skin in the game” rather than slapping a big tax only on the wealthiest residents.Under the United to House L.A. initiative, the current 0.45% transfer tax would jump to 4% on property sales above $5 million, and go up to 5.
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