(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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