Morrel Hirsch & Advisors’ Post

The mansion tax is a levy imposed on high-value real estate transactions in states like New York and California, aiming to generate revenue for affordable housing initiatives. In New York, the mansion tax applies to homes sold for over $1 million, with rates increasing for properties above $2 million, while California's tax system varies by locality, often targeting homes sold for $5 million or more. Critics argue it could discourage high-end sales, while supporters believe it addresses housing shortages. As luxury real estate markets shift, the mansion tax's effectiveness and impact on buyers remain debated. Are you willing to give up your DREAM home to not pay the small percentage of the mansion tax...? https://lnkd.in/gyNDP8ZR

Mansion taxes on high-end real-estate sales, usually in the form of a one-time payment at closing—are becoming more common as cash-strapped local governments look for new funding sources. In New York, buyers typically pay the mansion tax; in other markets, like Los Angeles and San Francisco, sellers are usually on the hook to pay such fees.

DC’s New “Mansion Tax” Explained: What Homeowners and Investors Need to Know Effective October 1st, Washington, DC introduced a new tax specifically targeting residential properties valued over $2.5 million. This “mansion tax” aims to address local budget shortfalls by increasing revenue from high-value properties. If you’re a homeowner, investor, or looking to purchase in the DC market, understanding the details of this tax is essential. Our latest blog breaks down the impact, including how it’s calculated, which neighborhoods are most affected, and how DC’s approach compares to similar taxes in other cities.

Interesting read from the Wall Street Journal to enjoy with your morning coffee ☕ Mansion taxes—shorthand for taxes on high-end real-estate sales, usually in the form of a one-time payment at closing—are becoming more common as cash-strapped local governments look for new funding sources. In New York, buyers typically pay the mansion tax; in other markets, like Los Angeles and San Francisco, sellers are usually on the hook to pay such fees. Often popular with voters, these taxes face vehement opposition from the real-estate industry and business groups, who say such measures will cripple the residential real-estate market. The impact is often much more nuanced.... thoughts? #taxes #realestate

1 year in, Los Angeles mansion tax raises fraction of expectations Contact me to discuss the latest scoop in real estate! #realestateinvesting #larealestateagent #LArealestate #realtor #dreamhomes #realestateagent #properties #homesearch #realestateinvesting #housingmarket

Imagine you're in Los Angeles, where the mansion tax has caused a slow-down in the real estate sector. Rohan breaks it down for us. This tax, targeting those fancy high-value properties, isn't just putting the brakes on transactions. It's also accidentally putting a damper on the whole betterment game for buildings and neighborhoods. Now, you might be thinking, "How does that even connect?" Well, here's the deal, according to Rohan. The energy and cash needed to spruce up our hoods are taking a hit. Why? 'Cause property owners, feeling the pinch of that hefty tax, are holding back from selling. And when they hold back, they're less likely to invest in upgrading their properties. Want to stay up to date with our newest real estate deals? Join here: https://lnkd.in/d4YS94Gk #MansionTax #RealEstateIndustry #CommunityDevelopment

While leaders pay lip service to helping people "achieve the American dream" of homeownership, policies such as mansion taxes actually discourage people from buying homes. 10-15% of homes in NJ are valued at over a million dollars and the mansion tax has been around since 1989. This additional cost takes 10-15% of homes off the market for some buyers and drives the prices of the next tiers of homes up. #affordabilitycrisis #realestate #mansiontax #homeownership

Here's latest in DC Real Estate News! The mansion tax is coming to town and if you have a home with an assessed value greater than $2.5M you will be affected. Georgetown will take on the brunt of the new tax. Click below for the full scoop: https://lnkd.in/ezS6WAT5

📢 Attention CA homeowners with homes worth > $5mm: Our latest blog discusses two important topics around California real estate: -The California mansion tax: Gain a comprehensive understanding of this new tax law, including its implications for property sales over $5 million and strategies to mitigate its impact. - Recent tweaks to Accessory Dwelling Unit (ADU) regulations: Uncover the latest updates and explore how they could benefit you as a homeowner, from increased property value to additional rental income opportunities. https://lnkd.in/gzYCnHjb #Luxury #RealEstate #MansionTax #ADURegulations #California #Homeowners

The new mansion tax has profoundly impacted the real estate market in Los Angeles. It applies to all types of properties that sell over five million, with even higher rates for properties that sell over ten million. This tax covers vast territories, including the San Fernando Valley and San Pedro. The most alarming effect is the significant decrease in sales, down by almost 70%. #realtor #realestate #investment #investor #tax #losangeles #excessivetax #development ##homes #apartments #commercial #property