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That is basically what is going to happen if this tax bill passes. It completely changes the balance of the rent vs buy equation, especially here in New Jersey where confiscatory property taxes are already stripping homeowners of billions in private wealth. So not only is property tax deductibility lost, but the basic demand for homes is gutted. So if you just recently found yourself finally above water from recent increases in property values, the State is about to push your head back below the water level, where they feel it belongs.
And your silence is tacit permission. Yet do we hear any protests? Not much. Most are quietly going to accept this travesty. And they deserve what they get. There are plenty of protests to release disgusting convicted criminals from prison, but deafening silence when the State comes a calling to strip you of what you earn and own. They count on the fact that you are busy and your life is hectic, and you are doing exactly what they hoped: Nothing at all.
So when your home drops 10% in value and your income tax bill jumps 30%, don't beotch. It will be too late and you will already have bent over and invited the invasion.
If income tax laws drove house prices, why are house prices up 9% in Hudson County this year but flat across the state overall, and down 6% in Gloucester County? Income tax rules haven't budged in New Jersey while real estate outcomes separate widely. Let's face it, local economic conditions drive real estate values, not tax laws or hyperventilating realtors.
If income tax laws drove house prices, why are house prices up 9% in Hudson County this year but flat across the state overall, and down 6% in Gloucester County? Income tax rules haven't budged in New Jersey while real estate outcomes separate widely. Let's face it, local economic conditions drive real estate values, not tax laws or hyperventilating realtors.
A ridiculous and illogical question since no change to the income tax law has yet taken place. Many factors enter the picture, including tax laws. Of course, the tax law portion won't be known until there is a final bill. When and if SALT goes away, homeowners will face significant damage to their equity.
But will they care? They killed us with the regressive and horrific mega gas tax increase, and the sheep didn't even look up.
That's why we deserve the leadership we have, we deserve Murphy and the obliteration to come, we deserve it all because we let it happen and do absolutely nothing about it.
And as of late tonight the bill has hit a snag? And why? Because a few "Republicans" want an amendment that causes AUTOMATIC TAX INCREASES if growth does not occur.
Astounding. Republicans, who are supposed to favor low taxes and limited regulation are more pissed than any Democrat about the possibility of getting less of our money. So they want to GUARANTEE their income through AUTOMATIC tax increases.
Indicating 1) that the difference between a Democrat and a Republican is zero-zilch-nada.
and 2) they don't even have the courage of their own convictions or belief that lower taxes will cause any growth.
There is no 2 party system. There is only one party: The Statist party. And it exists to grow ITSELF, not the economy.
[quote=nybbler;50273000]My house value (never mind mortgage) is less than $500,000. AMT already loses me property tax deductibility.[/QUOTE
If you have over a 500k mortgage and pay above 10k property tax in NJ then your likely in AMT territory. If your not then your probably not very financially responsible anyway.
My house value (never mind mortgage) is less than $500,000. AMT already loses me property tax deductibility.[/QUOTE
If you have over a 500k mortgage and pay above 10k property tax in NJ then your likely in AMT territory. If your not then your probably not very financially responsible anyway.
IMO:
NJ Government, Municipal/Town and the Federal government aren't financially responsible.
The Federal government (tax bill) will expose NJ Government and Municipal/Town taxation mismanagement.
"We" shouldn't be in this "pickle" in the first place.
I truly believe many do not understand the scope of the tax bill and the ramifications of it!! Yes ramifications because as I read it there is no benefit for the middle class.
You have many who bought at the pinnacle of pricing before the crash and found themselves upside down in their mortgage and only now beginning to get equal, that gain will be lost IMO
I truly believe many do not understand the scope of the tax bill and the ramifications of it!! Yes ramifications because as I read it there is no benefit for the middle class.
You have many who bought at the pinnacle of pricing before the crash and found themselves upside down in their mortgage and only now beginning to get equal, that gain will be lost IMO
There is benefit for the middle class, just not in high tax and high priced housing states.
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