Known as Measure ULA, the tax takes effect on April 1, and will charge sellers a 4% tax on property transfers above $5million and a 5.5% tax on sales above $10million, on top of a base rate of 0.45%.
Los Angeles' rich and famous are going to wild lengths slashing prices, offering luxury cars to sweeten the deal to sell their homes before the new mansion tax kicks in.
California homes have had as much as $19million knocked off their asking price in the final days before Measure ULA takes effect on April 1, which will immediately start taxing luxury home sales.