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Old 12-19-2017, 07:56 AM
 
8 posts, read 9,203 times
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The outrage is because they are taxing what we are paying in taxes i.e., state and local taxes. Also, the pass through deduction that could have helped may of the self employed doctors, lawyers, accountants etc. has a carve out to limit the deduction only to certain kinds of businesses notable among which are real-estate partnerships. Pretty sad.
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Old 12-19-2017, 08:05 AM
 
104 posts, read 86,242 times
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Quote:
Originally Posted by ltjbukem73 View Post
it's going to take sellers a few months, like 4+ before they come to the realization..and brokers will likely have their own spin on it.

this article basically pertains to every lower westchester town...:

https://www.nytimes.com/2017/12/17/n...-tax-bill.html
I agree in theory with that article. At the same time I'm not 100% convinced there will be an impact to Westchester housing prices. The thing is the demand side of the equation hasn't changed and the supply of houses available isn't going up. I still want to escape the City income tax, I still want a yard and good schools now that I have a child, and I still don't want to spend more than ~1 hour commuting into the city. All my options just got more expensive under the tax plan but what other choices do I have? As long as there is a steady flow of people like me (and I suspect there will be as more and more of my generation has kids) that will help keep a floor under prices.

The fact that they moved the mortgage interest deductability to $750,000 is and added cost but causes less pain than the original $500,000 proposal. Maybe I'm just strange but I decided on my housing budget based on what I'm comfortable paying each month and any tax breaks I got was secondary. I suppose if you were more aggressive and built your budget based on the effective ownership cost including the tax benefits then this change will decrease what you could afford to pay for a house.
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Old 12-19-2017, 08:44 AM
 
8 posts, read 9,203 times
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Quote:
Originally Posted by LeavingNYCfast View Post
I agree in theory with that article. At the same time I'm not 100% convinced there will be an impact to Westchester housing prices. The thing is the demand side of the equation hasn't changed and the supply of houses available isn't going up. I still want to escape the City income tax, I still want a yard and good schools now that I have a child, and I still don't want to spend more than ~1 hour commuting into the city. All my options just got more expensive under the tax plan but what other choices do I have? As long as there is a steady flow of people like me (and I suspect there will be as more and more of my generation has kids) that will help keep a floor under prices.
.
Good point. NYC refugees could certainly prop up Westchester and parts of NJ - even more of an incentive to move to the burbs now. Supply is quite low especially for the more affordably prices houses but anything say ~2M or higher may be impacted given the tax impact.
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Old 12-19-2017, 09:26 AM
 
221 posts, read 451,918 times
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Hate the bill but I'm not convinced it will hit home prices (although if I had to guess I would say it will). One possibility is that this will hit school districts hard, particularly those in middle to lower income areas, causing people to leave and limiting the market for higher performing schools.


NYC schools have been improving lately which has led to more people staying in the metro areas to raise a family. If we see a return to the late 70s NYC, we'll see more people choosing the burbs driving up the cost of housing.
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Old 12-19-2017, 07:45 PM
 
119 posts, read 148,541 times
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a close friend who was looking actively in lower westchester has said the new plan is now giving her pause..she's not completely calling off the search, but caution rules and she's looking for houses that were 85-90% of the list prices she had been looking for before.

there's no way RE prices are going up in the next 12 months..odds are they will lower 5-10%.

westchester is no more insulated from the effects of this new plan than essex/bergen, long island or connecticut.

surely, every broker in wc is coming up with a party line on how this will not affect prices..
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Old 12-19-2017, 10:05 PM
 
47 posts, read 37,580 times
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Quote:
Originally Posted by ltjbukem73 View Post
there's no way RE prices are going up in the next 12 months..odds are they will lower 5-10%.

westchester is no more insulated from the effects of this new plan than essex/bergen, long island or connecticut.

surely, every broker in wc is coming up with a party line on how this will not affect prices..
On the other hand- the stock market at all time highs, economy booming, echo boomers & millennials starting families, and in the short term much of better-off NYC will see increased wealth due to dividends and share buybacks from the corporate tax reduction.

None of that exactly translates into fewer buyers for lower westchester homes in nice districts.

This bill still sucks. There is a sensible argument for eliminating these deductions- simplifying the tax code and ending market distortions, and reducing rates in an equitable fashion that doesn't overwhelmingly benefit the 0.01%.
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Old 12-19-2017, 10:27 PM
 
Location: New Jersey
8,064 posts, read 4,037,743 times
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Quote:
Originally Posted by entropywins View Post
On the other hand- the stock market at all time highs, economy booming, echo boomers & millennials starting families, and in the short term much of better-off NYC will see increased wealth due to dividends and share buybacks from the corporate tax reduction.

None of that exactly translates into fewer buyers for lower westchester homes in nice districts.

This bill still sucks. There is a sensible argument for eliminating these deductions- simplifying the tax code and ending market distortions, and reducing rates in an equitable fashion that doesn't overwhelmingly benefit the 0.01%.
You’ve been drinking in too much of the liberal media’s koolade. The Democrats always use the “it’s for the rich/1%” tactic to attack the other party’s agendas. It’s getting old, really.
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Old 12-20-2017, 08:17 AM
 
221 posts, read 451,918 times
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Quote:
Originally Posted by antinimby View Post
You’ve been drinking in too much of the liberal media’s koolade. The Democrats always use the “it’s for the rich/1%” tactic to attack the other party’s agendas. It’s getting old, really.
It's getting old because they keep doing. The media is reporting it because it's true. Here's a non-partisan analysis of the bill. Trump and the rest of his Goldman buddies can say it's going to benefit the middle class until they're blue in the face but it doesn't make it true.


Distributional Analysis of the Conference Agreement for the Tax Cuts and Jobs Act | Full Report | Tax Policy Center
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Old 12-20-2017, 09:56 AM
 
Location: New Jersey
8,064 posts, read 4,037,743 times
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Quote:
Originally Posted by Westchesterwannabe View Post
It's getting old because they keep doing. The media is reporting it because it's true. Here's a non-partisan analysis of the bill. Trump and the rest of his Goldman buddies can say it's going to benefit the middle class until they're blue in the face but it doesn't make it true.


Distributional Analysis of the Conference Agreement for the Tax Cuts and Jobs Act | Full Report | Tax Policy Center
Except your so called non-partisan analysis is partisan. Anyone that claims the bill is only for the rich (or for Trump hinself) is lying to you. The Left and their liberal media friends are always going to attack everything this administration does. You didn’t think they would praise it, did you?
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Old 12-20-2017, 11:58 AM
 
93 posts, read 219,039 times
Reputation: 90
Quote:
Originally Posted by ponytrekker View Post
Raising taxes to give poor people food is cool. Raising taxes to give Trump's kids a billion is a dick move.
Is it "cool" when they raise my taxes to give huge, wildly off-market contracts to public sector unions that "coincidentally" happen to be the biggest contributors to the liberal politicians' campaigns?

Seriously, pretending your ideological position is saintly while demonizing those of your ideological opponents is a dick move. Grow up.
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