L.A.'s rich are already scheming ways to avoid new 'mansion tax'

Just weeks after Los Angeles voters

Others are getting a bit more creative. Since the tax only affects sales above $5 million, some homeowners are looking into splitting up their properties into smaller parcels with different ownershipFor example, if a homeowner is selling a mansion for $15 million, they’d be slapped with a $825,000 tax bill. But if they split up the property into three parts owned by three different entities and sold all three pieces for $4.

Another strategy might be to hatch deals off the books to keep a sale under $5 million. For example, if a seller wanted $7 million for their house, they could reach a deal with a buyer to sell it for $4.999 million, thus avoiding the tax, but then sell the furniture in the home for $2 million.Jason Oppenheim of the Oppenheim Group called the tax a travesty. He says sales will skyrocket for the next three months, but once the tax kicks in, the market will freeze.

'You have to raise funds to combat the lack of affordable housing.' So let's increase the cost associated with a real estate transaction in order to bring down the cost of real estate? How do the Peters of this world end up in educator roles?

You spelled “rich people are total assholes” wrong

Wouldn’t you

These are woke liberals, they should be eager and willing to pay this new tax!

Not really about being clever as much as having the money to pay people to scheme for them.

Jail

.........but it is the private sector and private citizens that are greedy, you see.

Rich Hollywood types are only compassionate with YOUR money.

Because we are already taxed through the nose and yet the highest taxation scheme in the nation somehow don't produce decent public services. Instead the money goes to fund salaries/pensions of a bloated city bureaucracy.

Every time you play the rich against the poor, the poor wind up with the 💩ty end of the stick.

Example as to how the rich get richer and the poor stay poor! Inequality across the board!

G Wagon Furniture.

'Scheming' simply means 'rationally avoiding a stupid law.'

the public sector never 'schemes' to fill their pockets though. only private citizens.

Who fucking cares about a mansion tax? Let them keep their money, just take away their zoning rights and build apartments next door.

Lol. The irony. Rich privileged liberal elites, getting robbed by their political friends. Which in turn, will make bad investments that solve nothing.

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Florida Senate approves insurance overhaul that hits homeowners hardThe decidedly industry-friendly bill comes with no guarantee that premium rates will drop. But for customers — especially the 1.1 million policyholders in state-supported Citizens Property Insurance Corp. — the measure will certainly have an impact.
Source: Florida Times-Union - 🏆 600. / 51 Read more »

Phone bank to help connect Cook County homeowners with unclaimed property tax refunds, exemptionsThe phone bank aims to connect Cook County homeowners with $136 million in unclaimed property tax refunds and exemptions. I know ABC7 says this is happening tomorrow, but it actually takes place TODAY.
Source: ABC7Chicago - 🏆 284. / 63 Read more »

Pa. homeowners are getting scammed by a Florida-based real estate firm, the attorney general and advocates sayDaily News | Pa. homeowners are getting scammed by a Florida-based real estate firm, the attorney general and advocates say I’ll bet anyone that the venn diagram of MV Realty ownership and membership at Mar a lago is a perfect circle.
Source: PhillyDailyNews - 🏆 89. / 67 Read more »