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Known as Measure ULA, the tax takes effect on April 1, and will charge sellers a 4% tax on property transfers above $5million and a 5.5% tax on sales above $10million, on top of a base rate of 0.45%.

California homes have had as much as $19million knocked off their asking price in the final days before Measure ULA takes effect on April 1, which will immediately start taxing luxury home sales.