Lets here it for Congress, The east and west cost are going to get hit hard due to the federal deduction for property taxes that will be capped at $10,000, which will hurt our local areas of Boston Back Bay, Beacon Hill and Midtown condo markets, according to a new analysis from Business Insider.
Currently, Boston and Cambridge condo owners can deduct all property taxes on their federal returns.
How will this effect the Boston condo market? One theory is that Boston luxury condo market could drop, some say up to 10%, due to the fact that Condominium owners can no longer have deductions due that property taxes that exceed $10,000. Ouch! For example, Downtown Boston recent condo sales have property taxes over $10,000.
What are your thoughts? For more information fell free to call me at 617-595-3712.
Source: Boston luxury Condos
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Updated: December 2017