In the City of Los Angeles, the "Homelessness and Housing Solutions Tax" (Measure ULA), commonly referred to as the "mansion tax," went into effect on all qualifying real property transfers on April 1, 2023. Prior to Measure ULA, all real estate transfers in the City were subject to a City transfer tax of 0.45% and a County of Los Angeles transfer tax of 0.11%. Under Measure ULA, residential and commercial real property sales and transfers [...]
1. Court of Appeal says co-insurance all risks policy does not cover contractor for defective work The Rugby Football Union took out a Joint Names All Risks Insurance policy for works at Twickenham Stadium. Power cables forming part of the works were damaged and had to be replaced and the RFU, which alleged that the damage had been caused by defective design and installation of ductwork for the cables, recovered the cable replacement costs from [...]
Local governments—generally counties—impose property taxes on real estate pursuant to state law. Sometimes called ad valorem taxes, these property taxes are set based on the assessed value of the property. When a landowner does not pay their property tax, the law allows the county to foreclose on the property and sell it to another person. The purpose of this sale is to make the county whole for the tax debt. In most states, if the property sells [...]