The City of Los Angeles ULA Tax—a new city tax on certain real estate transactions, commonly referred to as the “mansion tax”—may be invalidated through the November 2024 election. Los Angeles voters famously passed the “mansion tax” by ballot initiative in 2022. The tax applies to all asset classes, not only large single-family homes as its “mansion tax” moniker suggests. Mayer Brown analyzed the ULA Tax in an article published shortly after its adoption. The ULA Tax has thus far withstood challenge in court, including a claim that the ULA Tax is a form of constitutionally prohibited “special tax.”1 In Howard Jarvis Taxpayers Association , et al.

Source: Los Angeles Times February 22, 2024 19:19 UTC