November Ballot Initiative Could Reshape Measure ULA

A new statewide ballot measure that could significantly limit local real estate transfer taxes, including Los Angeles’ Measure ULA, has officially qualified for the November 2026 ballot.

This matters for our members because it could reshape the future of ULA, influence transaction activity, and create opportunity in how deals are structured across the region.

What You Need to Know

A proposal known as the “Local Taxpayer Protection Act,” backed by the Howard Jarvis Taxpayers Association, has officially qualified for the November ballot.

The measure would cap local transfer taxes at a lower rate and make it more difficult for cities to pass new taxes moving forward.

While the measure would apply statewide, Measure ULA is at the center of the debate.

Since taking effect in 2023, ULA has imposed a 4% tax on property sales over $5 million and 5.5% on sales above $10 million.

If approved by voters, the statewide measure would effectively override ULA by reducing allowable transfer tax rates and requiring a higher voter threshold for future local tax increases.

However, the outcome is far from certain, and there is still a possibility that negotiations in Sacramento could alter or remove the measure before it reaches the ballot.

How It Impacts You

The City of Los Angeles is also actively reviewing ULA through an Ad Hoc Committee led by Councilmember Ysabel Jurado. With both the City and the state actively evaluating changes, member feedback, especially real-world examples of impacted deals, shifts in capital, and operational challenges—will be essential in shaping what comes next.

Join our upcoming virtual town hall to share real-world insights, hear the latest updates, and help inform what we bring forward as policy discussions continue at the local level.

Register today to be part of the conversation and ensure your perspective is represented.