Here's An Interactive Map Of Which Housing Markets Get Hit The Most By The GOP Tax Bill

With the Republican party (and the S&P 500 apparently) convinced they have the votes required to pass their tax reform legislation this week, the folks at ATTOM Data Solutions took a look at which housing markets will be most impacted by new limitations on mortgage interest and property tax deductions. 

First, on the reduction of the mortgage interest deduction to $750,000 from $1,000,000, ATTOM found that nearly 99,000 single family home and condo purchases so far in 2017 involved a mortgage higher than $750,000. And while that represents a small 3.9% of all home purchase loans underwritten so far in the year, per the interactive map below, those 99,000 loans are concentrated in a handful of liberal counties in the Northeast, California and Southern Florida.

Among 2,022 counties included in this analysis and at least 50 home purchase loans so far in 2017, those with the highest share of loan originations above $750,000 were New York County (Manhattan), New York (63.8 percent); San Francisco County, California (58.0 percent); Nantucket County, Massachusetts (57.3 percent); San Mateo County, California (55.2 percent); and Marin County, California (50.o percent). Among those same 2,022 counties, those with the highest number of purchase home loan originations above $750,000 so far in 2017 were Los Angeles County, California (9,197); Santa Clara County, California (5,543); Orange County, California (4,450); Maricopa County, Arizona (3,723); and King County, Washington (3,715).

Meanwhile, the second proposed change in the GOP tax plan involves a cap on the deductibility of property taxes at $10,000.  And, much like the impact of mortgage interest above, the map of who's most impacted looks eerily similar to the 2016 electoral college map.

The county-level heat map below shows the share of single family homes and condos in each county where the most recent property tax bill available was more than $10,000.

 

Among the 1,731 counties analyzed, those with the highest share of homes with property taxes above $10,000 were Westchester County, New York (73.4 percent); Luna County, New Mexico (68.7 percent); Rockland County, New York (60.0 percent); Mathews County, Virginia (54.4 percent); and New York County (Manhattan), New York (52.5 percent). Among those same counties those with the highest volume of homes with property taxes above $10,000 were Nassau County (Long Island), New York (176,946); Los Angeles County, California (165,078); Suffolk County (Long Island), New York (155,592); Bergen County, New Jersey (126,096); and Harris County (Houston), Texas (125,792).

Of course, this all presumes that Senator John McCain doesn't have another sudden change of heart when it comes time to actually cast his vote.  

 

 

Comments

takeaction Mon, 12/18/2017 - 22:50 Permalink

This Tax bill will be a WIN..It is better than what we have....I want 15% Flat Tax....You earn $100...you owe $15 bucks.  Done...No deductions...No IRS...everybody pays.

cheka overbet Tue, 12/19/2017 - 00:10 Permalink

calculator showed it cutting my tax bill thousands -- me and wife, currently just two wage slaves, nothing fancythe article is just about rectifying the f--ing we've been getting for a loooong time from the metrosexual leftistsand btw, they are anything but liberal -- liberal is base word liberty

In reply to by overbet

Ajax-1 ACP Mon, 12/18/2017 - 23:04 Permalink

For years, the libturds have been lecturing the rest of us taxes are wonderful and how everyone needs to pay their fair share. Well, now is their chance to prove it. Thank you Santa Trump for sticking it to these elitist blue state scumbags.

In reply to by ACP

Endgame Napoleon JimmyJones Tue, 12/19/2017 - 00:36 Permalink

The argument against the national sales tax is that most people spend 100% of their income on necessities and are, thus, taxed at 100%, whereas the rich spend 1% of their income and are taxed at that rate. But that does not take into consideration things like the child tax credits of up to $6,444, allocated on top of free food and housing to some poor people, with others treated totally different in the progressive tax code. Someone pointed out to me that housing is not subject to sales tax, and since rent takes more than half of monthly earned income for the non welfare eligible, that means that only about 40% of income would be taxed at 100%.

In reply to by JimmyJones

LetThemEatRand Mon, 12/18/2017 - 22:49 Permalink

I love it and hate it at the same time.  I love it a little because yeah, fuck the high tax states that vote Blue every election.  But mostly I hate it because it smells like political payback.  We've had enough of that, haven't we?  For fuck's sake, can we just make America great again and stop with all the Team bullshit and expansion of government?

overbet LetThemEatRand Mon, 12/18/2017 - 23:09 Permalink

No we cant buddy. Its fucking war for all the chips. You have seen a taste of their devistation. Imagine allowing it to grow unrestrained for a decade or two longer. Those liberals want you, your life, your culture destroyed and they have done a pretty good job so far.You dont allow cancer to spread because its easier than dealing with it. You fucking kill it without hesitation without regret or remorse else it kills you. 

In reply to by LetThemEatRand

overbet LetThemEatRand Mon, 12/18/2017 - 23:32 Permalink

There is a culture war that conservatives are badly losing. It's as simple as a child's game. If player a advances their agenda when they have control they are plus 1. If player b chooses to stand pat when they're in control they remain at 0. Player a again gets control and advances 1 and are now at 2 while plan b continues to stand pat at 0. How long would you suggest we allow this go on in the direction liberals choose to take us?

In reply to by LetThemEatRand

LetThemEatRand overbet Mon, 12/18/2017 - 23:54 Permalink

Imagine the future if we win the war against the Fed/Deep State.   But we won't, because most who would care to fight it are focused on the "culture war" instead.  Like the "war against Christmas."  Jesus wasn't Santa Claus and Christmas has nothing to do with Christ anymore, but they have us fighting that war, don't they.

In reply to by overbet

socalbeach Mon, 12/18/2017 - 22:56 Permalink

It's worse for CA taxpayers than the map indicates, because CA income tax plus prop tax is limited to $10K.  I'm right near the limit and only pay $3,400/yr in prop tax. Eventually I'll go over it as the prop tax increases at 2%/yr.

ed31337 Pava Tue, 12/19/2017 - 01:20 Permalink

Printing money hurts everyone currently holding USDs (in other words, savers), while tweaking the tax code enables hurting a different group of people. In this case, they are targeting team blue. And doing it in a way that may induce a few team blue members to disperse into less tax burdened land, which might cause team blue to acquire fewer electorial college votes in the next election.Or it might backfire and simply make team blue members angry enough to get out of bed and head to the poll booths next election.

In reply to by Pava

StreetObserver Mon, 12/18/2017 - 23:25 Permalink

Why is Marin County so expensive?Absolutely beautiful, clean, healthy, open space, mostly white, parks, beaches, high level of education and public safety?Nope, it's the great schools that San Franciscans want to move their kids into rather than have them treated as little white lab rats in the multicultural miasma and diversity disaster of San Francisco public schools across the Golden Gate Bridge. Use the property taxes of the Clinton supporting wealthy to enjoy public infrastructure while you subvert their message in the belly of the beast.  Right wing bohemians love the place. It's replaced Carmel, Newport Beach and Venice that are drowning in traffic.

Bear bh2 Tue, 12/19/2017 - 02:00 Permalink

Not the people that live here and pay a substantial percentage of their incomes in taxes ... only the BS asshole people that rule here who have so much they don't care or the 25% who don't work and suck up free stuff.There are a lot of good folks in California who are stuck here through jobs, finances, or family who cannot migrate ... Living in Hades with no escape

In reply to by bh2

Muppet Tue, 12/19/2017 - 00:16 Permalink

I'm screwed yet support this.  I pay $18k in FL and $16k in IL.   However, its been soooo obvious that the King has been getting robbed by his own court for over two decades now.  The deductibility of property tax has allowed that tax to undermine and queitly destroy the King's tax revenues.  Now, finally the people will wake up!   Time for pitchforks and torches.   Its not the King that will suffer, its the local tax assessors.  Finally, people will begin screaming about property tax.     Well played King Trump.

Golden Showers Tue, 12/19/2017 - 00:55 Permalink

Ever notice how the whole Agenda 21 notion works on paper but there is an obvious lag in it's implementation? In practice, I think we'd see the opposite happening: namely, large cities with big populations and large infrastructure would be taxed less. Whereas small towns with long supply chains would be taxed more. Or, whatever.All this says is that there is no benefit to moving to town, and of course there is no benefit. Say what you want, but people who don't want to go into town will never, ever, ever leave. Never. And that's about the same as asking who gives a fuck about the tax brackets. No one gives a shit. I don't give a shit.Something happens when you take someone from the land and put them in a high rise apartment. You can't make it work. Society will bleed out. Look at Chinese New Year. The entire country stops and goes in reverse for two weeks.There will never come a time when people would rather quit the land and move to Chicago. People here will keep going. Quitters aside. And quitters don't count. The world is absurd. Programs, policies and pep rallies are absurd. The whole show is absurd.There's more homeless fucks with no skills living downtown in your area code than you have ever seen. And the threat of that is precicely zero. You all may worry about the great unwashed but their ability is nothing. The real problem is when taxes goes down, something else comes up. Something you don't want. Wait till the other shoe drops.