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.
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.
11. Houston, Texas
10. Cambridge, MassachusettsAdvertisement
9. Austin, Texas
8. Chicago, IllinoisAdvertisement
7. Boston, Massachusetts
6. San Jose, CaliforniaAdvertisement
5. San Francisco, California
4. Fairfield County, ConnecticutAdvertisement
3. New York, New York
2. Newark, New JerseyAdvertisement
1. Long Island, New York
- UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery
- SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year
- HCL Tech's Roshni Nadar is India's richest woman in 2020, according to Kotak Wealth Hurun India list
- Hero ISL’s viewership for the first 8 matches has grown by 16% in comparison to last year
- Reliance Infratel resolution plan approved by NCLT Mumbai – Jio to pick up the tower unit