Exclusive
‘Million Dollar Listing’ star Josh Altman
LA’s Mansion Tax ‘Dumbest Tax Ever’
… Everyone will feel it
03-16-2023 2:05 PM PT
LA’s new “mansion tax” is about to go into effect, forcing sellers to cough up a ton of cash if their property sells for at least $5 million … and Josh Altman is one of many real estate agents who think it is absurd.
Josh joined us Thursday on “TMZ Live” and immediately dumped ULA… calling it “the dumbest tax ever passed in the history of Los Angeles.” Passed last November, the referendum places a 4 percent tax on homes selling for $5 million and over, and 5.5 percent on those selling over $10 million.
Josh points out the ridiculous ways agents would have to get around the taxes if they wanted to, including listing it for less than its actual value…just to avoid the extra tax.
The selling point to voters who supported the tax was that the funds would walk towards is fighting LA’s homeless crisis by developing more affordable housing – expected to bring in $1 billion annually.
Josh tells us he’s all about helping the homeless, but just doesn’t believe they’ll get a dime from the new taxes.
The “mansion tax” goes into effect on April 1st, so sellers are scrambling to close deals before then – and while many believe this only affects the rich … Josh told us why he thinks there will come a trickle-down that ultimately hurts all homeowners.
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