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Hard to say. One thing though-it does equalize things for renters vs. homeowners. A homeowner making a large monthly mortgage payment gets to write off a significant portion of his mortgage as well as his property tax, in turn forcing others to pick up his federal income tax bill. Others including both renters and people in other states, especially those without confiscatory property taxes.
On one hand, extra money in circulation could put upward pressure on home prices. Flip side-there is less incentive to buy instead of rent for the tax break.
Pretty much can tell who are homeowners and who aren’t in high property taxes states
State Taxes effect the housing market very minimally
Texas and Florida even with no states income taxes or low property taxes you still have cons maintenance, hurricanes, heat, flooding, needing a car, retirement communities, etc.
Contrary to some posters there aren’t an exodus of people moving from NY or LA to Texas and Florida. Not anymore so than the usual retirees
Economists expect an increased rate NY/Ct/NJ to Florida migration now.
Do you have a link? FL does not have the jobs they have in NY, so I don't see what they would be doing here. Property tax + insurance is very expensive in FL.
I am surprised there are not more people migrating to no state income tax states like FL and TX.
Every state and locality needs operating funds. They get monies via whatever scheme they choose. I own a home in FL. No income taxes, BUT very very high real estate taxes.
Last edited by dothetwist; 12-26-2017 at 05:45 AM..
Every state and locality needs operating funds. They get via monies via whatever scheme they choose. I own a home in FL. No income taxes, BUT very very high real estate taxes.
Same thing in TX. Have a friend who owns a home in TX, Her property, which mine is worth about $500,000 more. Is taxed at about 5 times more than mine. I live in Vegas.
They will not drop, as local government will end up cutting property taxes, in areas where such taxes are extortionist in nature.
Not likely
NJ is a property tax state because significant portions of its population work in other states (many work in NYC) and collect income tax from NJ residents. NJ then credits this other state income tax 1 for 1 against what people owe. People talk about NJ's high income tax rates. Also they are high if you are well into 6 figures. Below six figures the rates are below average for states that have income taxes.
Sounds like someone in the construction business can make some money in southern Nevada.
All the new housing is further out since a lot of this area has gotten built up, but there are quite a few new developments being built.
They've also broken ground on the new Raider's stadium and they've said it will provide something like 12,000 new jobs, many in the construction industry. These people will need places to live and that adds to the demand.
This area took a big hit during the housing crisis in 2008 and I don't think we're back to the pre-2008 levels yet, but it's getting close.
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I live in Vegas.
