"The typical New York homeowner affected by the higher SALT cap will save $7,092 annually, Redfin estimated. That led all states and trailed only the District of Columbia ($7,200). California followed New York at $3,995 in median savings, with New Jersey ($3,897), Massachusetts ($3,835) and Connecticut ($3,133) rounding out the top five. At the metro level, Nassau County, New York, led the nation with average annual savings of $7,200 the maximum possible deduction."
"At the other end of the spectrum, South Dakota homeowners will save $1,033 a year, the lowest figure of any state. Alaska ($1,052), Nevada ($1,090), Tennessee ($1,097) and New Hampshire ($1,101) followed. For households in these states, the only real way to benefit is if their home is valuable enough for property taxes to exceed $10,000, said Asad Khan, Redfin's senior economist. Even then, the savings are relatively small, since many of these owners are just barely over the old limit."
New York homeowners will save a median $7,092 annually from the higher SALT cap, second only to the District of Columbia. Median savings in California, New Jersey, Massachusetts and Connecticut are $3,995, $3,897, $3,835 and $3,133. At the metro level, Nassau County leads with $7,200 average annual savings, followed by San Francisco, San Jose, New York City and Oakland. South Dakota, Alaska, Nevada, Tennessee and New Hampshire have the smallest median savings, often barely exceeding the prior $10,000 limit. The share of homeowners who could benefit ranges from over 85% in Massachusetts to about 1% in Tennessee due to differing home values, property taxes and state income tax structures.
Read at www.housingwire.com
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