I see this only having positive impacts for the country as a whole. 

I'm even happier that NAR and CAR's lobbying efforts were for nothing!

ZERO. Our property taxes are just not that high. That's why people like to live here.

Remains to be seen, but in 20 years of real estate sales; I've rarely hear anyone mention tax deductions are their primary reason for purchase. Tax consequences on investment property capital gains is the main tax conversation I've had. In San Diego our avg. property tax is 1.125% of the purchase price, so  I'd say the middle class is fairly safe with a $525,000 median sales price as of October 2017.

In my town, which is not the highest taxed town in my county, 30% of the houses sold this year pay less than $10K/year in property taxes so they won't be impacted. 70% pay more - so 70% of those home owners, if they deduct taxes from their income returns, would be impacted.

The highest tax bill for newly purchased homes was $31K/year. 

     People who can afford a house in that price range, are not going to worry about a few thousand extra dollars in Federal Income Tax.

   Average real property taxes on principal residences in Tallahassee / Leon County are way under $10K.  It won't upset anybody here.

Bruce,

Since we work all over the US, we hear this is going to impact many Eastern states, CT, NJ, NY.   There will be people moving to states without state tax, like Florida, NV, Wyoming, etc...So those states will benefit with the influx of the wealth that will move out of those states.  Our  CA house taxes are 1.125%.  We shall see what happens.  A

It will affect some and not others. But we needed to bite the bullet in terms of tax reform at some point or another and it's never a perfect solution for all.

Huge negative impact here.  Avg house = $850,000.  Property tax is VERY high - one of highest in country, too and income tax very high.  So, a triple loss.

It's a tax INCREASE here for more than 50% of people here (I think they calculated 60% would see increase).

I would expect this to decrease property values.  It will also decrease over spending money on home improvement, shopping, restaurants, etc.

The problem w/ all of this is cost of living is not taken into a account, so some places see a decrease and others and increase...without even considering the politics.

It will have very little impact on my market.

There will be some unhappy campers, but in the Chicago area real estate taxes are very high with many residences exceeding $10,000.

Almost no effect here.

The impact doesn't matter as much as the spin by both sides.   

Mostly none. 

very little impact in my area..... luxury homes only....very small percentage of the marketplace...

What comes to my mind on this meaningful tax change is the morale of the country will break records causing good fortune for all in many categories. Real Estate will prosper, business will grow and money will change hands

In CT we are in a high property tax area plus we have state income taxes. The wealthier sector won't be affected, the middle class will suffer.

I am with Bob Betel here ... as I understand it house and senate have two different bills ... and are supposed to come together.  That alone suggests to me that a new plan will move forward ... as they cannot seem to agree on anything. 

We estimate property taxes as 1.125% of the sales price. 

The Senate has one bill and the House has another They need to come together before anything happens. Interest deduction will be an issue for those higher properties, but not to the point where it's going to matter. I'm waiting to see what happens first before I make my opinions know. We don't know what is in it besides that. Maybe more surprises to follow.

Very little. The doubling of the standard deduction will have a much greater impact on a lot more people in my area.

We need to wait for the final wording. This bill is only good for high income people.

Yeah, well that's in IN. Here in IL we have sheds that are taxed at 10K. Just follow along in Dupage county here. Since it's only 2 days since the announcement -  it's got a long road ahead & either Senate or House has to blend their bills.

Candice A. Donofrio nailed this one!

Lots of tax raises for most of us built into this tax cut for the wealty, I wonder of the payoff that they got will be worth it for them.

won't have an impact on tax payers in my market.  The 5 out 8 vs. 2 out of 5 years... will impact some young buyers who weren't planning a 5 year stay.  Not happy about that, but so be it.

Except for a few it will have no impact in my area

I think we will need to wait and see.

I think there are a good number of homeowners with homes at the median price here where property taxes are less than $10,000. On average taxes are 1.25%. We'll see.

Here in NH it will not affect many if any with homes under $500,000. The average home sale is around $250,000 with taxes around $5000. 

This bill isn't baked yet.

Before we get to carried away, let's see what the coming weeks bring.

Modifications to the proposed tax reform.

Hysteria from Nancy Polosi and the Obama camp.

It will not affect many negatively in my market.

I think many believe that those taxes that you cites ARE the amount saved, Bruce. It's really only the portion of taxes that you would pay on that amount, thus only about 1/4th of the state/local/RE taxes.

I believe it will be good for America - good for large and small businesses, freeing up additonal money to hire more people or put money back into the economy. In the long run, I believe it will have a positive impact on local, state and national economies.

I do not believe it will change a lot. If someone is paying 1mln+ for the home, or have multiple homes, they probably have tons of other deductions they can discuss with their CPAs.

Not much at all

let's see what happens with a final bill first.

They set the bar high enough that it should have little to no impact on any of my clientele. 

Bruce Walter it might impact some higher priced homes.

There will be some which will not have all their property taxes deducted in our market, but I doubt this will keep the wealthy from buying homes.

The federal government should not be subsidizing states with high taxes. This is a positive change and I'm glad to see NAR lose on this issue.

Bruce Walter I heard the other day that 95% of middle class earner don't itemize. At least in my area, I don't think it will have a very big impact unless you live in a high priced luxury home.

Hope it will help us live better.

Interesting information. 

Our taxes are not that high here in Denver, but sure it will affect the East Coast.

Time will tell if both sides agree on this.

Thank you.

Ouch. Our NAR fees went to a loser's pocket.

In our area, the mortage exemption (500K cap) will have a more pronounced effect. Got a real modest home that seems to be better than living in an apt.  $1.3M listed $1.175M 3/2/1200 sf on 4800 sf lot on a busy street. The property tax will be ~$16,250.  The 1.08M jumbo mortgage interest rate will have a more pronouced effect than tax cap. First year they pay only $34,440 in interests. 

The new home owners do not seem to mind. They will attend Foster Farm Bowl at 49 statdium go Boiler Maker.