Homeowners in Westchester, New York already pay the highest property taxes in the U.S., with an average annual bill of $16,493 in 2016, according to ATTOM Data Solutions.
The mortgage-interest deduction was capped in the tax overhaul, at new loans of $750,000. More than 19 percent of homeowners in Westchester had mortgages larger than that in 2017, compared with 3.9 percent nationwide, Bloomberg reports. “Right now, everyone’s calling their accountant,” said Scott Durkin, president of Douglas Elliman. “We could see a period of indecision on both the sellers’ and buyers’ side. Buyers will be looking for a formula that allows them to afford their home.”
The law’s consequences will be greater for the move-up market, as people consider whether upgrading to a larger home is worth the added costs, according to Chris Meyers, president of Houlihan Lawrence. Demand for lower-priced properties, which have drawn buyers seeking refuge from lofty New York City prices, is likely to stay strong, assuming there’s enough inventory, he said.
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