Rising Transfer Taxes
February 20, 2023 – ArticleAngus Beverly, real estate associate, published the article "Rising Transfer Taxes" to Best Lawyers. He discusses California's trends in real property transfer tax rates, as well as potential national implications and the possibility that these new tax policies may eventually affect real estate professionals with assets outside of California.
Excerpt:
Cities are motivated by two main policy concerns when raising transfer tax rates: (1) financial interests (e.g., cities want to raise money to finance affordable housing and homelessness prevention programs) and (2) anti-gentrification concerns (e.g., where cities want to halt community displacement by raising tax rates on new real estate investments). These tax increases will materially impact real estate developers, investors, lenders and other industry stakeholders in these cities. Given California’s trendsetter status, these new tax policies may eventually affect real estate professionals with assets outside of California.
Read the full article here.