How Federal Tax Reform Has Impacted Real Estate
The short-term effects haven’t been as bad as predicted, but local governments are still worried about the long term.
SALT change has driven some people to make moves and may be slowing some markets.
A couple in Old Tappan, N.J., moved to a nearby town last year to reduce their tax bill by $10,000. Fairfield County, Conn., which has some of the highest property taxes in the nation, has seen a surge in homes going on the market over the last six months. In Florida, where many northeasterners have second homes, there’s been a rush to switch residency to the lower-tax state, says John R. Mousseau, director of fixed income for Cumberland Advisors in Sarasota.
“Almost anyone I talk to here who has a second home is looking to do that trade,” he says.
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