Two tax measures that impact parking rates and home prices could appear on the City of Los Angeles ballot next March.
Two proposed tax increases are likely to appear on the City of Los Angeles March 2013 ballot — and they would impact anyone who buys a house or parks a car in the city.
One proposal would increase the city’s documentary transfer tax, which homeowners pay when they sell a residence in Los Angeles. The current tax is $4.50 per $1,000 of the sales price, which pencils out to about $1,643 on average for each seller.
A proposal from City Administrative Officer Miguel Santana would create a progressive scale of tax rates. For homes that sell for $255,000 or less, the tax would drop to $2.25 per $1,000. Properties in the median range of $255,000 to $365,000 would not see a change in the tax rate. More expensive homes would see an increase — $6.75 per $1,000 for properties between $365,000 and $585,000, and $9 per $1,000 for houses that sell for more than $585,000.