MoneyLIFE AND LEISURE

Luxury real estate agents rush to offload properties before 'mansion tax' hits

Some homeowners throwing in luxury cars to incentivize deals

By WND News Services
Published March 30, 2023 at 5:17pm

Megamansion 'The One' (video screenshot)

(FOX BUSINESS) – Los Angeles is days away from implementing a "mansion tax," which means sellers of luxury homes are scrambling to offload their properties. The measure was approved by voters in November, which adds a 4% tax on home sales between $5 million and $10 million, and adds a 5.5% tax on sales above $10 million, according to FOX 11.

"Inevitably, there's a rush to sell now, to escape the tax. Star realtor Josh Altman, who was on this program last week, is offering a million-dollar bonus to any agent who can bring in a sale for a $28 million Bel Air mansion by April 1," said "Varney & Co." host Stuart Varney during his "My Take" on Friday.

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"Some sellers are even throwing in a free McLaren or a Bentley with a purchase," KTLA reported as a result of the tax that will have to be paid by sellers.

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