The new tax law will go into effect on January 1, 2018, changing the deductibility of mortgage interest and real estate taxes.
The National Association of Realtors identified which metro areas will be most affected. Based on the data, the new tax law will have a higher impact in metros with affordability crises, like San Jose. Owners in these areas may deduct up to $10,000 for real estate taxes. In San Jose, 25 percent of owners paid over $10,000 for real estate taxes in 2016.
For each metro area, we calculated the share of homes with mortgages that are worth over $750,000 and share of owners who paid more than $10,000 for real estate taxes. The map below shows how many homeowners will be impacted by the new tax law for 382 metro areas.
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