Westchester County Probate & Estate Planning Attorney
520 North State Road, Suite 301 A
Briarcliff Manor, NY 10510
Phone: (914) 923-1600
Monday - Friday, 9:30am - 6pm
Saturday - By Appointment Now Accepting Credit Cards! We Will Make House Calls
For most New Yorkers, the tax bill as currently constituted will generate a tax hike. Why? Because the latest proposal caps property tax deductions at $10,000, and eliminates the federal deduction for state income tax. In Westchester County alone, you’re pretty lucky if your property taxes are under $10,000. The ramifications of this tax change will be far-reaching.
These lost deductions will hurt everyone who lives in New York. According to the NY Times, even the wealthiest New Yorkers could see a 50 percent tax rate with these changes.
If states already have difficulty attracting businesses because of the high cost of housing, the future picture is worse under the new law. There will be no consolation without the federal deduction for property taxes and state income taxes.
For those with high property taxes, the prediction is that homes could be devalued by 10%. I believe the devaluation will be higher.
The states hit hardest by this double whammy are New York, New Jersey, Connecticut, California and Massachusetts. Do you think this law came down this way because they’re blue states? Even if you applaud the decrease in corporate rates, don't forget that the loss of these deductions, along with many others, may impact you personally. ...