The 11 worst places to buy a home if Trump's tax plan passes
- Republicans have reached a preliminary agreement on their tax bill, meaning tax reform could soon be finalized.
- The proposed tax bill limits the property tax deduction to $10,000 a year - currently, homeowners can deduct their property tax in full.
- We compiled a list of the places where homeowners and prospective homebuyers will be hit the hardest if the tax bill is signed into law.
House and Senate Republicans came to a preliminary agreement Wednesday on their final tax bill.The bill could affect current and future homeowners in a few different ways, including capping the deduction for state and local property taxes at $10,000. Under the current tax system, there is no cap on the amount of property taxes a homeowner can deduct.
As part of its latest housing report, Trulia found the top metro areas in the US with the greatest share of homeowners who pay $10,000 or more in property taxes annually. It's these places where homeowners and prospective homebuyers will be hit the hardest if the tax bill is signed into law.
New Yorkers would be hit especially hard. In each of three New York area metros - New York City, Newark, and Long Island - more than one out of every five households pay at least $10,000 annually in property taxes.
Below, check out the top 11 worst places to buy a home if Trump's tax plan passes, based on where the largest share of homeowners pay more than $10,000 in property taxes. For each metro, we also calculated the minimum home value at which the annual property tax bill would be at least $10,000.