Groups File Suit Against Los Angeles’s Property Transfer Tax for Affordable Housing

Started by Epoch-Times-Bot, Dec 26, 2022, 02:15 PM

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Epoch-Times-Bot

Dec 26, 2022, 02:15 PM
Groups File Suit Against Los Angeles's Property Transfer Tax for Affordable Housing

A taxpayer rights nonprofit and a landlord advocacy group filed a lawsuit Dec. 22 against a new real estate tax placed on large property sales to fund affordable housing and homeless services in Los Angeles.
Initiative Ordinance ULA proposed enacting a 4 percent property sales tax on properties that are sold or transferred for more than $5 million. The tax increases up to 5.5 percent on those exceeding $10 million.
The Howard Jarvis Taxpayers Association and the Apartment Association of Greater Los Angeles claimed in the lawsuit filed in Los Angeles Superior Court that the measure violates the California Constitution and the Los Angeles City Charter and is "substantively invalid." Passed by 57.8 percent of voters during the Nov. 8 election, the ballot measure will take effect April 1, 2023....

Source: Groups File Suit Against Los Angeles's Property Transfer Tax for Affordable Housing

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