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Home expansion and your property taxes...
The new tax laws have put home owners in New York state into a state of near panic. Many who live in low tax states can not fatham how much this impacts the markets of around 10 high-tax states where the services are great, our schools are they envy of much of the country, but the tax bite is high. 
What do changes in the tax code mean in Westchester NY?
Here in Westchester, the cap on SALT (state and local taxes) deductions is a real problem.  Home owners in New York rely on itemization to make their tax burdens bearable. However, for most people in Westchester, the property tax bite usualy well exceeds the $10,000 cap that has been placed on the SALT deduction. This also means that their entire state tax bite is no longer deductable at all. 
Yes, the marginal tax rates have been adjusted, but itemizers have also lost the personal exemption, which, if you have a couple of children, is a very large deduction. Itemizers don't get a larger standard dedcution to offset that loss. The burning question for each homeowner is whether the lower marginal rates will offset the loss of these other deductions.  The answer is that some living ... more

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