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Old 12-24-2017, 07:37 PM
 
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How much new tax bill effect property values? Now mortgage deduction is limited to $750k (new loans) and $10000 in state and local taxes deduction.

My thinking is, it could effect $1M + properties but can have effect on $500K+ because Miami has high property tax.
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Old 12-24-2017, 09:46 PM
 
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Miami is already seeing declining prices in some condos, not from the tax bill but because the prices and hoa dues are crazy compared to the low income economy.
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Old 12-25-2017, 06:24 AM
 
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Not sure it will have that much of an effect, none on cash buyers. I think the elimination of state and local taxes for people living in the Northeast (NY, NJ) could result in more people relocating to FL.

https://www.google.com/amp/amp.miami...182644271.html
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Old 12-25-2017, 09:18 PM
 
Location: Coral Gables / Bonita Springs
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Quote:
Originally Posted by elchevere View Post
Not sure it will have that much of an effect, none on cash buyers. I think the elimination of state and local taxes for people living in the Northeast (NY, NJ) could result in more people relocating to FL.

https://www.google.com/amp/amp.miami...182644271.html
Yeah, lots of agents are already putting together marketing packages targeting NE & Cali buyers.

Remember FL has no state income tax, so the mortgage interest deduction cap isn't much of an affect for us. Its the elimination of deducting your state taxes that's the killer. Places like NY/NJ/CA are going to suffer.
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Old 12-26-2017, 07:54 AM
 
Location: Florida
1,049 posts, read 964,637 times
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The $10K cap applies to property tax deductions as well. So whether you're a cash buyer or not it will affect you if your home is worth more than about $900K.Not sure what, if any, impact this will have on the market though.
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Old 12-26-2017, 09:53 PM
 
27 posts, read 47,401 times
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If I remember correctly you can deduct property tax and either state or sales tax? New tax bill has $10000 deduction limit, which is combination of local (which I assume is property tax) and state taxes. Most people deduct state income tax because state tax is generally higher than sales tax.

FL does has sales tax (usually sales tax include both state and local sales tax). Property tax is close to 2% in Miami area. I suppose anyone with $400K + house (without homestead), most likely will reach 10K cap.
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