Yes I live in one of the bluest of blue stares and this will make my taxes go up by thousands. What is going to happen is that Home values are going to plummet. Many will now be under water in their mortgages and this will tank the economy for awhile. Let’s start another housing crisis. That said, Home values will need to be reassessed and that may bring property taxes down a bit. This tax bill will be worse than Obamacare for millions.
True.
This is from Forbes:
Realtors Predict Tax Bill Will Cause Housing Prices To Drop In Every State
For all those folks who claim to be champions of the retired set, for many people their home is their largest asset.
But, gee - how "selfish" of them to not want their home to lose value because of this tax bill.
Good thing this guy isn't "selfish."
“This tax bill will be worse than Obamacare for millions.”
Fake News.
This tax cut bill is going to open the eyes of millions of people who never had any idea they lived in a high tax state because Fedzilla is currently subsidizing the high tax states.
There is no Constitutional reason for the Federal Gov’t to subsidize the high tax states. It’s not fair to the rest of the nation.
Home values in CA and the Acela corridor were unrealistic anyway.
I believe that some future home buyers will re-evaluate how much a home is worth and how much mortgage they should take on. So, yes in these cases the top home prices will fall or more likely not rise as fast.
I do not think this will be wide spread, for example many places have homes that will sell and mortgage for less than the allowed deduction. But at the same time, many people will (a) experience the standard deduction becoming larger than their total itemized deductions and therefore they will not itemize. and (b) the tax rates in general will fall making their overall tax lower. You should wait until they build these tax calculators (when the final bill is passed) and see then if it will affect you and/or your neighbors and how it will affect the overall property values in your local. What you are predicting may only affect the highest priced neighborhoods — do you live in one of these?
Why are you subsidizing a blue state? Move. When these high tax states lose enough population, they will also lose representation in Congress. There is no reason that I should be subsidizing your state tax deduction.
property taxes do not go down if you maintain your house....
its going to force many older people to sell....