The 11 worst cities for homeowners if the GOP tax plan passes
11. Houston, Texas
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Effective property tax rate for 2016: 1.7%
Household property tax bills above $10,000: 10.2%
Home value at which property tax bill exceeds $10,000: $583,371
10. Cambridge, Massachusetts
Effective property tax rate for 2016: 1.2%
Household property tax bills above $10,000: 10.8%
Home value at which property tax bill exceeds $10,000: $866,626
9. Austin, Texas
Julia Robinson/Reuters
Effective property tax rate for 2016: 1.6%
Household property tax bills above $10,000: 11.4%
Home value at which property tax bill exceeds $10,000: $619,641
8. Chicago, Illinois
marchello74/Shutterstock
Effective property tax rate for 2016: 1.9%
Household property tax bills above $10,000: 11.8%
Home value at which property tax bill exceeds $10,000: $519,453
7. Boston, Massachusetts
Marcio Jose Bastos Silva/Shutterstock
Effective property tax rate for 2016: 1%
Household property tax bills above $10,000: 12.4%
Home value at which property tax bill exceeds $10,000: $988,190
6. San Jose, California
Uladzik Kryhin/Shutterstock
Effective property tax rate for 2016: 0.6%
Household property tax bills above $10,000: 18%
Home value at which property tax bill exceeds $10,000: $1,561,628
5. San Francisco, California
Yulia Mayorova/Shutterstock
Effective property tax rate for 2016: 0.6%
Household property tax bills above $10,000: 19.9%
Home value at which property tax bill exceeds $10,000: $1,762,341
4. Fairfield County, Connecticut
Ritu Manoj Jethani/Shutterstock
Effective property tax rate for 2016: 0.6%
Household property tax bills above $10,000: 20.6%
Home value at which property tax bill exceeds $10,000: $783,275
3. New York, New York
Effective property tax rate for 2016: 1.2%
Household property tax bills above $10,000: 22.7%
Home value at which property tax bill exceeds $10,000: $848,752
2. Newark, New Jersey
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Effective property tax rate for 2016: 2.1%
Household property tax bills above $10,000: 33.7%
Home value at which property tax bill exceeds $10,000: $468,957
1. Long Island, New York
Effective property tax rate for 2016: 1.9%
Household property tax bills above $10,000: 46.5%
Home value at which property tax bill exceeds $10,000: $522,432
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I rarely say anything political on this site, but this tax plan will turn out to be a nightmare. It benefits the corporations, will raise the deficit and punish people by where they live. Texas will have sticker shock.. Let's see how people vote after that.
And yes, I will not pretend that this isn't personal to me, since I do live on Long Island. But most people in this nation understand our tax structure. The bulk of our money is spent locally on our schools, which rank among the best in the nation. My state and local taxes are nothing compared to our property school taxes.
And talk about the economy... this will cause a housing crisis of epic proportions as people will no longer be able to afford their homes.
No one is stopping the people of Long Island from taxing themselves as much as they want.
This will have very little effect on the housing market, except for at the very high end and even there it'll be a very marginal difference. It's why the Home Builders Industry supports it.
Funny the realtors don't feel the same way.
So as the housing market goes, so does the economy. Amazing that no one has taken that into consideration.
Yes, that is true.
This tax bill will see a boom for the housing market! Maybe not on Long Island, or other liberal leaning, high taxation cities, but for the rest of the U.S., we are going to love it!
OK, just to clarify, this has nothing to do with politics. IN FACT, Long Island was a red hold out until this bill. That is why the huge turn over this last election cycle. We were actually blue.
This could be the shape of things to come.
btw.. Texas is on the list.. when did they go blue?