What is Measure ULA and how does it work?
Measure ULA established the ULA Tax to fund affordable housing projects and provide resources to tenants at risk of homelessness. The ULA Tax is imposed on all documents that convey real property within the City of Los Angeles when the consideration or value of the real property interest conveyed exceeds a threshold of five million dollars, or is ten million dollars or greater, respectively.
Upcoming Threshold Changes
Effective for transactions closing after June 30, 2024, the new thresholds for ULA will be $5,150,000 and $10,300,000. Transactions above $5,150,000 but under $10,300,000 will be assessed a 4% tax and transactions $10,300,000 and up will be assessed a 5.5% tax.
For more on Real Property Transfer Tax and Measure ULA FAQ contact us 2 info@ires.com