With Trump Poised to Sign Tax Bill, Pity Long Islanders

Nearly half of homeowners there would be hit by property tax cap
By Kate Seamons,  Newser Staff
Posted Dec 20, 2017 6:20 AM CST
Living the American Dream? It'll cost you on Long Island.   (Getty Images)

(Newser) – "Today we are giving the people of this country their money back," proclaimed Paul Ryan Tuesday as the House passed a sweeping rewrite of the tax code (it has to vote again Wednesday because of this glitch). That's likely not the case for current and future homeowners in these 7 cities. That's because homeowners can currently deduct the entirety of their property tax, and under the proposed tax laws, the deduction for state and local property taxes maxes out at $10,000. Trulia identified the metro areas where the biggest proportion of homeowners exceed that cap, and Business Insider took the number-crunching a step further, determining the home value at which the property tax bill would exceed the $10,000 mark.

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