![\"Hollywood](\"https:\/\/c.ndtvimg.com\/2023-03\/d1hgr028_luxury-homes_625x300_28_March_23.jpg\"\/ "\\"Hollywood")
<\/div>\n‘Mansion tax’ will impose a 4% tax on property sales above $5 million (Representational pic)<\/p>\n<\/div>\n
Some of the biggest Hollywood stars are rushing to sell their ultra-luxury apartments ahead of\u00a0April 1, when Los Angeles’ new ‘mansion tax’\u00a0kicks off, The New York Times<\/a> reported. Jim Carrey, Britney Spears and Kylie Jenner are among the celebrities who have\u00a0put their sprawling properties on the market in recent months.\u00a0<\/p>\n While Jim Carrey put his 12,700 square feet home for sale in February for US $29 million, Britney Spears put her 11,650 square foot home in Calabasas on the market for $12 million. Meanwhile, Kylie Jenner put her Beverly Hills home up for sale for more than US$33 million.<\/p>\n The race\u00a0is now\u00a0to lock in profits and close on a sale before the new tax takes effect.<\/p>\n ”It’s created a bit of a frenzy, with people trying to beat the April 1 date, and lots of opportunities for buyers looking for value,”\u00a0Tyrone McKillen, a broker with the luxury agency Official told\u00a0NY Times.<\/em><\/p>\n What is the Mansion Tax?<\/strong><\/p>\n According to the Independent<\/a>, the tax, called Measure ULA, levied on high-value properties, will require sellers of properties of more than US $5 million to pay a four per cent transfer tax\u00a0while sales of more than $10 million will pay a 5.5 per cent tax. The new tax is on top of the city’s current 0.45% transfer tax. Also, in any case, the tax must be paid by the seller.\u00a0<\/p>\n