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Landlords caught price gouging in Los Angeles County during the wildfire crisis now face fines as high as $50,000. Board of Supervisors voted to increase the maximum penalty to $50,000 from ...
A law barring monthly rents of more than $10,000 for new listings is stopping high-end homes from going on the market, real estate agents and brokers say. Such homes could be in demand for wealthy ...
Stephanie Nordlinger had purchased a property in the Los Angeles area in 1988 and, under the provisions of Proposition 13, was required to have the property reassessed at a new value. The reassessed value of Nordlinger's property raised her tax rates by 36%, while her neighbors continued to pay significantly lower rates on their property.
Market value is the prevailing, but not exclusive measure of determining the just compensation owed to a landowner under the Fifth Amendment. Fair Market Value is defined by appraisers as the most probable price, in terms of cash that would be paid by a willing buyer to a willing seller, each being fully informed of the property's good and bad features, with the property being exposed on the ...
Los Angeles County, 482 U.S. 304 (1987), was a 6–3 decision of the United States Supreme Court. The court held that the complete destruction of the value of property constituted a "taking" under the Fifth Amendment even if that taking was temporary and the property was later restored.
Under the longtime standard, if a homeowner sold a property for $400,000, about average for existing homes in the United States, the seller paid a commission of around 5 percent, amounting to $20,000.