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My understanding is it depends on whether the particular town assesses property tax for 2018 in 2017 or 2018. If it assesses 18 in 17 the pre-payment is acceptable to the IRS. Otherwise not.
I don't think the cap on tax deductibility will have much effect on prices. The higher standard deduction is a sop that makes people think they are gaining something while other deductions are capped or taken away, so it will even out for most.
Every town will vary in effect, but nobody buys in RI anyway for the low property taxes and tax rates- they buy for other reasons. One reason is for a union job with a good salary and benefits. Another reason is simply not to have to pay high rents.
The whole thing for the middle class expires in 2025. So it's ultimately a bogus bill except for the ultra rich who will make a long term killing off of it. Hopefully, the political landscape will have changed considerably before the national debt is at astronomical levels which will cause even bigger problems.
I don't think the cap on tax deductibility will have much effect on prices. The higher standard deduction is a sop that makes people think they are gaining something while other deductions are capped or taken away, so it will even out for most.
Every town will vary in effect, but nobody buys in RI anyway for the low property taxes and tax rates- they buy for other reasons. One reason is for a union job with a good salary and benefits. Another reason is simply not to have to pay high rents.
The whole thing for the middle class expires in 2025. So it's ultimately a bogus bill except for the ultra rich who will make a long term killing off of it. Hopefully, the political landscape will have changed considerably before the national debt is at astronomical levels which will cause even bigger problems.
Pretty much agree, except at the upper end of the RE market, the $24k standard deduction increase doesn't mean much.
I don't think the cap on tax deductibility will have much effect on prices. The higher standard deduction is a sop that makes people think they are gaining something while other deductions are capped or taken away, so it will even out for most.
Every town will vary in effect, but nobody buys in RI anyway for the low property taxes and tax rates- they buy for other reasons. One reason is for a union job with a good salary and benefits. Another reason is simply not to have to pay high rents.
The whole thing for the middle class expires in 2025. So it's ultimately a bogus bill except for the ultra rich who will make a long term killing off of it. Hopefully, the political landscape will have changed considerably before the national debt is at astronomical levels which will cause even bigger problems.
RI is notorious for high rents for something decent, and high cost of living in general. Avg. $1700/mo. for a semi decent 2 BR apartment.
RI is a 'buyer/renter beware' state. Buyers considering RI for relocation should always check a 'cost of living calculator' online. The best site so far is . None of those are perfect, but will give buyers a pretty accurate percentage of c.o.l. about where they are coming from vs. to where they are planning to move.
Last edited by CaseyB; 01-04-2018 at 04:37 AM..
Reason: competitor site
Cost of living calculators are great and all for someone retired and on a fixed income, but people that need to earn a living need to consider the local economy.
Having now lived in the state for four months after moving from Maryland, suburban DC area, I can say that prices and cost of living are less overall but not a ton. Quality of life here, in my opinion, is much better.
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