What is the Los Angeles Mansion Tax? Measure ULA explained
The agents at the Oppenheim Group mention the 'tax' frequently in season 7 - here's everything you need to know.
Selling Sunset is back, and, as usual, there's lots of drama and some house selling. After all, that is what they're there for.
Season 7 sees the Selling Sunset cast grappling with the new Los Angeles 'mansion tax'.
From as early as episode 1, Jason Oppenheim who owns the Oppenheim Group with his twin brother Brett, reminds his agents that the new tax will come into play soon, so it's key for them to get some of their listings sold before then.
So, what exactly is the Los Angeles mansion tax? And how does it affect the Selling Sunset cast?
Here's everything you need to know.
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What is the Los Angeles Mansion tax?
The new charge refers to Measure ULA, which came into effect on 1st April 2023, bringing a 4 per cent charge on all residential and commercial real estate sales in the city above $5 million, and a 5.5% charge on sales above $10 million.
Real estate in the city below those levels pay the already established transfer tax rate of .56 percent.
Read more:
- Meet the cast of Netflix reality show Selling Sunset
- Who is Marie-Lou? Selling Sunset star and Jason Oppenheim's girlfriend
“The flurry of activity that happened up until April 1st was pretty phenomenal,” explained real estate attorney Loretta Thompson, a partner at Withers.
She added: “And then, of course, after that, people started pulling their listings. There’s been a quantifiable pause in anything that’s over $5 million. It chilled the market immediately, which was what everyone expected it would do.”
As Selling Sunset season 7 was filmed back in January 2023, the agents will have been trying to sell listings above $5 million before the new measure came into effect.
Selling Sunset seasons 1-7 are available to stream on Netflix. If you’re looking for more to watch, check out our TV Guide or visit our hub for more Entertainment news.
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