?Article: Trump tax cap making it tough for wealthy homeowners to sell property
The Trump administration?s cap on state and local property tax deductions is doing a number on home sales in the leafy suburbs of New York City, according to a report.
Sellers in affluent sections of Westchester County, Connecticut and New Jersey are finding it hard to unload their upscale homes because the $10,000 cap on the deductions is complicating matters and would-be buyers are holding out for lower prices, Bloomberg reported.
But the situation is especially dire in Westchester County, which has the nation?s highest property taxes and where annual tax bills can hit $50,000 or more, the report said.
Purchases in the county plummeted 18 percent in the second quarter, and the median price of a home fell 5 percent in Scarsdale and 13 percent in Mamaroneck in the first half of the year.
Homes ranging from $1.5 million to $3 million are the most affected, the report said, citing real estate agents.
And they warn it will only get worse next year when homeowners file their 2018 taxes and feel the full impact of the $10,000 limit on state and local taxes, also known as SALT.
?We all think next year is going to be a tough year for real estate sales,? Matthew Roach, a property attorney in Yorktown Heights, told Bloomberg.
Some homeowners are rushing to get out from under the tax burden.
The inventory of homes on the market on June 30 increased almost 5 percent from a year earlier and the number of homes priced at $2 million to $2.49 million shot up 26 percent, the report said, according to Houlihan Lawrence, which handles luxury real estate sales.?
https://nypost.com/2018/08/07/trump-tax-cap-making-it-tough-for-wealthy-homeowners-to-sell-property/
My comment: I talked to many people that will have to pay more in taxes due to the salt cap.