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Would the New Tax Bill be Bad for Real Estate in the North Shore?
It hasn't even passed yet, but many are weighing in on whether it would help or hinder the real estate market.

The key takeaways of the bill as they relate to real estate are:


a $10,000 cap on the deduction of property taxes lowering of the the mortgage interest deduction cap from $1 million to $500,000 You will have to stay in your home longer to receive the capital gains exemption (must live there 5 of the past 8 years.) eliminates the deduction for moving expenses. The bill preserves certain advantages for owning investment property

The $10,000 Cap

High tax property areas (such as Winnetka and the North Shore) will be hit especially hard by this. Some might think it's not a big change - but they may be payng much less than $10,000 per year in property taxes. Everyone reading this that lives in the North Shore knows we have some of the highest rates in the country.

Mortgage Rate Deduction Cap from $1 million to $500,000

According to industry leader Inman News, "Owning a high-priced home is going to be a lot more expensive under the new law." But the catch is that ... more

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