October 22, 2023
Hey, Retail Real Estate Rockstars! In California, owning high priced retail real estate can sometimes cost a lot because of taxes. One such tax is called Measure ULA, which asks for more money when big properties in the City of Los Angeles are sold. But, good news! There's a new law idea called the California Taxpayer Protection Act that might help save some of those dollars. Here’s how:
Voting Power: This new law wants to make sure that if the government wants more tax money, the people get to vote on it. This way, everyone has a say before more money is asked for from big retail property sales ¹.
Stopping Measure ULA: Since Measure ULA didn't get enough "yes" votes, this new law could stop it. This is good for big store owners because they won’t have to pay the extra money from Measure ULA ¹.
Clear Rules: The new law wants to make everything clear about when and how much extra money can be asked for. This way, no one gets surprised with extra costs.
Now, let’s look at some number facts:
Measure ULA takes an extra 4% for properties sold for $5,000,000 - $10,000,000 and 5.5% for $10,000,000+ ².
Over 1 million people have said they like the new law idea, showing many people want a say in tax decisions ¹.
What You Can Do: If you think you own high ticket retail real estate in the City of Los Angeles, it’s good to know about these laws. Talk to people who know a lot about property laws, join local groups, and share what you think with others. Being in the know can help save you money and make fair rules. Call, Text, or DM me to discuss this more.
How can retail property owners come together to make sure taxes are fair?
Always talk to your real estate attorney or tax attorney regarding taxes from Measure ULA.