Partner Geoff Gold’s article on Los Angeles’ recently passed mansion tax (and his strategies for combating it) continues to dominate the discussion
Geoffrey M. Gold is a Partner in the Litigation, Real Estate and Land Use Departments. Geoff's blog, "Nine Ideas to Avoid the Effect of Measure ULA - The New Mansion Tax" was referenced in a Los Angeles Times article for the second time.
In his blog, Geoff discusses the "Mansion Tax," which was approved by Los Angeles voters in 2022 and went into effect on April 1, 2023, known as Measure ULA. It establishes a new 4% documentary transfer tax on the sale of any real property priced or valued from $5 million up to $10 million and a 5.5% tax on real property sales priced or valued at $10 million or greater. This is in addition to the current base transfer tax. Measure ULA applies to more than just large homes. It applies to apartment buildings, raw land and commercial and industrial real estate. Anytime a sale price for real property exceeds $5 million in Los Angeles and the transfer document is recorded, this new tax for selling property kicks in at a rate of nearly eight times the current transfer tax.
Geoff is a trial lawyer specializing in business and real estate matters. Clients appreciate Geoff’s ability and proven track record in obtaining significant arbitration awards, favorable mediation results and settlements, grants of summary judgment and trial victories while keeping costs under control. Geoff has successfully litigated hundreds of cases over the past 30 years.