Every morning I wake up and listen to the morning news and skim through the newspapers on-line. One of the articles in the New York Times on December 17th drew my attention, as it hit close to home. It was an article talking about an anxiety associated with the proposed new Tax Plan that will be voted on in the next week or so. Our state, NJ is one of the 5 states in the country that will be effected the most by elimination of SALT (state and local taxes) deduction and by limiting property tax deduction to $10,000. I know that anxiety is building in every household. Having two children in Livingston High School, I asked my husband what we will do after they graduate in 3 years. I am sure a lot of you are asking the same question. Should we stay, move out of state or down-size to another home with lower property taxes?
The article in NY Times confirmed my anxiety and uncertainty in regards to the new tax reform:
“It is a dire forecast, but not a radical one. Livingston sits on the western edge of Essex County, which Moody’s Analytics, a company that provides economic research, placed at the top of its list of places whose housing markets would suffer the most under the Republicans’ plan. According to Moody’s, the tax proposal could carve as much as 10.5 percent off the projected value of homes in Essex County in two years. Six other New Jersey counties made the top 10 on Moody’s list.”