What “modest home” in the boroughs has a tax bill of $19,400?
There’s something goofy about this columnist’s numbers.
Any home in the “boroughs” with that level of taxation is miles beyond modest.
That tax bill would be in NJ. Insane.
“What “modest home” in the boroughs has a tax bill of $19,400?”
You should come to NY some day. This is absolutely right. Real estate taxes in my town are quite higher than that for 2,500 sf home on 1/4 acre about 30 minute train ride out of NYC.
The fact is - NY, Cal, NJ - all those high state tax state get back far less than $1.00 for ever dollar they contribute to the Feds!
Whereas, states like Florida, Kentucky, West Virginia and 7 others get more than 2x back the federal taxes they pay.
Who is subsidizing who?
Also, the concept of “taxing taxes” is compelling. I can’t keep the money I send to NYS for taxes; but the Feds tax it anyways.
This part of the bill is horrible and will turn a lot of Trump supporters off (both of us here in NY!). Would have been better at 23% corp. tax and retain SALT.
Not fake. It is why I left NY. Property taxes on Long Island are astronomical.
There is a lot of things that don’t add up. First of all a Lawyer and TV Producer would be making much more than $190k in NYC. I know many 2 earner blue collar families in NYC where together they make over $120k. Second with the NYC Real estate tax rate (which I know from first-hand experience), to pay over $19k in taxes, you would need own a greater than $2,000,000 home. To actually get taxed on the $2,000,000 you would have had to buy very recently due to the way NYC adjusts up and down (LOL) the taxable value of you home within year over year limits.
I live in Upstate NYS. Not in one of the major metro areas. In my neck of the woods, I know folks with $150,000 to $200,000 homes who are paying 6 to 10k in property taxes.
“Any home in the “boroughs” with that level of taxation is miles beyond modest.”
I don’t know if you live in the NYC area, so pardon me if you don’t, but I have a friend in Ridgewood, NJ, who has a house valued around $700,000. It’s a 1962 three bedroom, 2,700 square foot house. Nothing spectacular. Just a modest house.
Property taxes are $14,400. That’s a lot of taxes.
However, I am for removing SALT from deductions as all it does is take that $14,400 off his federal taxes.