Mark Wahlberg and Jim Carrey among stars rushing to sell homes to beat new ‘mansion’ tax
http://www.yahoo.com/news/mark-wahlberg-jim-carrey-among-170000019.html
March 26, 2023
Some of the biggest names in Hollywood are rushing to sell their multi-million-dollar houses in Los Angeles before a new “mansion tax” kicks in on April 1.
In November voters supported Measure ULA - “United to House L.A.” - which is intended to raise up to $1 billion from luxury house sales to fund affordable housing projects.
From April 1, the sellers of homes valued at between $5 million (£4 million) and $10 million (£8 million) will pay a four per cent tax to the city.
Those selling homes over $10 million will pay a 5.5 per cent tax.
Los Angeles introduced the tax to “fund affordable housing projects and provide resources to tenants at risk of homelessness”.
It came as the homelessness crisis in the city is growing.
Last year, the Los Angeles Homeless Services Authority estimated 42,000 people were homeless, up from 28,000 in 2016.
California has the highest poverty rate in the United States.
The tax has sparked a frantic scramble by estate agents who have been slashing prices and looking to offload mansions quickly.
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