- February 18, 2021
- Posted by: michellene
- Category: Uncategorized
The Los Angeles County Recorder held its 1st quarterly meeting on February 10th, 2021.
Below you will find the Agenda and handouts provided by the Recorder as well as the meeting minutes that were released yesterday.
One important item to note is the detail about up-and-coming City Transfer Tax Rates that are changing for the cities of Culver City and Santa Monica. The City of Culver City has changed to a percentage rate based on sale price. The City is also considering any liens and encumbrances remaining on the property at the time of sale into the Documentary Transfer Tax calculations for city tax.
This means if a buyer is assuming a loan on a purchase in the City of Culver City, that assumed loan amount must be taken into consideration when calculating City Transfer Tax.
This is not common in California.
We encourage you to visit the City Assessor Links for Culver City and Santa Monica provided on the DTT Memo to ensure you have the proper City Transfer Tax Rates and new details surrounding these changes.