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Tue Oct 15, 2019, 06:39 AM

Your N.J. home is worth less than it should be, thanks to the Trump tax law

The average Essex County home, according to Zillow, is worth $391,500. But it should really be about $40,000 more than that, a new independent study has found.

It isn’t because of a bad housing market.

The culprit is the Republican tax law signed by President Donald Trump, according to Moody’s Analytics.

The law’s limits on how much you can deduct from state and local taxes — a $10,000 cap — contributed to reducing the average value of a home in Essex by as much as 11.3 percent below what it would have been if the law was not passed, the study found.

It’s a bigger loss than any county in America.

And it’s felt all around New Jersey — of the 30 counties with the largest estimated percentage loss of home value, 16 are in the Garden State. All 21 counties in New Jersey had reduced home values, the study found.

https://www.nj.com/politics/2019/10/your-nj-home-is-worth-less-than-it-should-be-thanks-to-the-trump-tax-law.html?outputType=amp

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Reply Your N.J. home is worth less than it should be, thanks to the Trump tax law (Original post)
JonLP24 Oct 2019 OP
MichMan Oct 2019 #1

Response to JonLP24 (Original post)

Tue Oct 15, 2019, 05:56 PM

1. I would think that the high property taxes would have a much bigger effect

on lowering property values than a cap on the deductibility.

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