Meet the New Jersey town being crushed by the tax bill

Home values are expected to plunge

TRD New York /
Dec.December 19, 2017 10:50 AM

Livingston, New Jersey

An affluent suburb of New York City could be among the hardest hit under the proposed federal tax bill.

Livingston, N.J., will be one of the places most affected by the tax overhaul, according to Moody’s Analytics. The town, which has a population of 30,000 and is located in Essex County, is expected to see rising tax bills and decreasing home values, the New York Times reported.

Over the next two years, the tax proposal is expected to decrease home values in Essex County by as much as 10.5 percent. Moody’s included six other New Jersey counties — Union, Hunterdon, Mercer, Gloucester, Passaic and Somerset — in its list of the top 10 places most dramatically impacted by the tax bill.

“No one gets creamed more than New Jersey from this tax bill,” Mark Zandi, chief economist for Moody’s Analytics, told the Times.

The tax bill is also expected to hit Manhattan hard. Partnership for New York City CEO Kathryn Wylde said the changes could cost New Yorkers up to $30 billion per year in higher taxes. [NYT]Kathryn Brenzel

Related Articles

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alexandria Ocasio-Cortez, Bernie Sanders and Elizabeth Warren

By the numbers: Breaking down national housing agendas from the far left

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone just sold off a 29M sf national industrial portfolio

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest