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Alexandria VA 22302 - Luxury Homes Did New Tax Code Kill The Market
Has the new tax code killed the real estate market in Alexandria Va 22302?
Let's take a closer look and see what the results have been so far on a National Level.
The new tax code limits the deduction of state and local property taxes, as well as income or sales taxes, to a total of $10,000. When the tax reform legislation was put into law at the beginning of the year, some experts felt that it could have a negative impact on the already very tight luxury housing market.
 
Capital Economics:
“The impact on expensive homes could be detrimental, with a limit on the MID raising taxes for those that itemize.”
 
Mark Zandi of Moody’s Analytics:
“The impact on house prices is much greater for higher-priced homes, especially in parts of the country where incomes are higher and there are thus a disproportionate number of itemizers, and where homeowners have big mortgages and property tax bills.”
The National Association of Realtors (NAR) predicted price declines in “high cost, higher tax areas” because of the tax changes. They forecasted a depreciation of 6.2% in New Jersey and 4.8% in Washington D.C. and New York.
 
But what has actually happened to luxury homes so far?
Here are a few metrics to ... more

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