"Residents of high-tax states suffered the most with the previous cap on state and local taxes, because their taxes far exceeded the cap, they were not able to deduct the full amount like residents in low-tax states."
Residents in Great Falls, MT expressed intense frustration over skyrocketing property tax bills due to assessed values reflecting soaring home prices, demanding explanations from local officials.
Mamdani claimed that his soak-the-rich proposal was not driven by race, despite targeting white homeowners, emphasizing an assessment of under-taxed versus over-taxed neighborhoods.
"Property taxes are a percentage of assessed home value, which usually moves with the market price of the home," says Joel Berner, senior economist at Realtor.com. "We saw median listing prices increase 16.2% from 2021 to 2023."
"We have an aging population, and a lot of people on lower income in that age range, and it's just an incredibly unfair burden to put on them," House Minority Leader Billy Bob Faulkingham (R-Winter Harbor) told WGME.