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This alert is part of Holland & Knight's Garden State Initiative, a firmwide effort to enhance coordination among attorneys, clients and professional networks with ties to New Jersey to foster greater collaboration across...more
Recent revisions to New Jersey law increase the so-called “mansion tax” for sales in excess of $2 million and shift the tax payment obligation to the seller. Governor Phil Murphy recently signed legislation making...more
As of July 10, 2025, the Mansion Tax and Controlling Interest Transfer Tax (“CITT”) now requires sellers of certain classes of real property (and controlling interest involving certain classes of real property) transferred...more
On Tuesday, July 1, Governor Phil Murphy signed into law Senate Bill S4666/Assembly Bill A5804 (collectively, the Bill), which impacts certain transfers of real property. The Bill amends the existing fees imposed on certain...more
New immigrants to Israel who purchase a first residence will pay significantly lower purchase tax rates than the tax payable according to the current benefit, after the Knesset Finance Committee recently approved an amendment...more
It has been more than three months since Measure ULA (a/k/a the LA Mansion Tax and the Homelessness and Housing Solutions Tax) became effective in the City of Los Angeles. Measure ULA imposes a new special transfer tax (the...more
The so-called “mansion tax” approved by Los Angeles voters in 2022 and effective April 1, 2023 (Measure ULA) is a misnomer. It establishes a new 4% documentary transfer tax on the sale of any real property priced or valued...more
Measure ULA, also known as the “Homelessness and Housing Solutions Tax,” was a ballot measure in Los Angeles which was recently approved by voters in the 2022 Los Angeles County Midterm Elections. Measure ULA will impose a...more
Under California’s Proposition 60, which became enacted in 1986 as Revenue and Taxation Code section 69.5, any “person” over the age of 55 years may transfer the base year value of his or her residential property to any...more
INCREASE IN PROPERTY TRANSFER TAX RATE FOR PROPERTY IN EXCESS OF C$2 MILLION - The Budget introduced a third property transfer rate of three per cent on the portion of fair market value of a property over C$2-million....more
Florida has long been known as a tax friendly state for retirees. The "Sunshine State" has no income tax on individuals and no estate taxes. The state has quite a different reputation for commercial real estate investors who...more