U.S. Supreme Court,
Tax
Jul. 12, 2023
Pending Supreme Court case could overshadow the legality of the so-called “mansion tax”
The outcome of the Moore v. United States case is likely to serve as precedent that will dispose of the Mansion Tax as unconstitutional - assuming the High Court reverses the Ninth Circuit's decision upholding the reparation tax.
We recently expressed our opinions on the City of Los Angeles's Measure ULA (referred to as the "Mansion Tax"), which imposes a 4% gross sales tax on sellers of real property (commercial and residential) transferred within the city limits for $5 million and a 5.5% gross sales tax on real property sold above $10 million without any consideration for income or profit realization.
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