POTENTIAL INCREASE IN CITY OF LOS ANGELES DOCUMENTARY TRANSFER TAX

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In light of its continuing economic difficulties, the Los Angeles City Council, at its October 31, 2012 meeting, directed the City Attorney to draft an Ordinance that establishes a tiered-rate transfer tax increase to be put on the March 5, 2013 ballot. If the proposed Ordinance is approved by the City Council in November, 2012, voters will be asked at the March 2013 election to approve an increase in the City’s transfer tax that increases by 50% the amount of the transfer tax for properties sold for more than $335,000 and doubles the transfer tax for properties sold for more than $568,000.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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