LA City intends to DOUBLE the Real Estate Transfer taxes

For neighborhoods under the control of the City of LA such as Sherman Oaks, Studio City and Encino, selling a home is about to get much more expensive.  A proposal currently under review by the council will drastically raise the taxes charged to homeowners when they sell their home.

When a home sells the current “city transfer tax” is $4.40 per $1,000 of sale price, or about $2,200 on a $500,000 home sale.  This is in addition to the $1.10 per $1,000 the county charges.  Under the new proposal that amount will rise to $9.00 per $1,000.  or $4,500 on a half million dollar house.

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