“Palm Beach of Route 17”: How real estate agents are wooing wealthy New Yorkers hurt by Trump tax law

Brokers in South Florida and New Jersey are aiming to lure New York buyers with lower taxes

TRD New York /
Mar.March 21, 2019 10:15 AM

A home in Saddle River, New Jersey with palm trees (Credit: Pexels and Wikipedia)

There could be some SALT in the wound for New Yorkers come April 15.

Some living in high-income tax, high-property tax areas like New York City and its tony suburbs may be surprised by their tax returns this year. President Trump’s Tax Cut and Jobs Act promised to cut taxes, but limits on state and local levies that can be deducted may adversely affect wealthier tax filers, Bloomberg reports. And some people are turning to real estate professionals for advice.

Up to 11 million taxpayers will be affected by so-called SALT deductions on taxes they file this year, Bloomberg found, and they stand to lose a collective $323 billion.

Real estate brokers in South Florida have sought to capitalize on the new law, attempting to woo New York buyers with promises of low income tax. Now, local realtors in New Jersey are also seeking to lure buyers, Bloomberg found, by advertising small decreases in property taxes across county and town lines.

For example, Saddle River in New Jersey hired a public relations firm to rebrand the town as the “Palm Beach of Route 17,” Bloomberg reported. The town keeps taxes low by opting not to have a public high school, sidewalks or many services found in neighboring towns. [Bloomberg] – Decca Muldowney

 

Related Articles

arrow_forward_ios
(Getty)

“On the verge of a tragedy:” The stark numbers of a pandemic-hit NYC

“On the verge of a tragedy:” The stark numbers of a pandemic-hit NYC
ButterflyMX CEO Cyrus Claffey (iStock; ButterflyMX)

ButterflyMX raises $35M to grow smart-intercom business

ButterflyMX raises $35M to grow smart-intercom business
Donald Trump with 1290 Sixth Avenue in Manhattan and 555 California Street in San Francisco (Getty, Google Maps)

Trump took nearly $100M out of Vornado partnership in 2013

Trump took nearly $100M out of Vornado partnership in 2013
76 Schermerhorn Street and 378 5th Street in Brooklyn (Photos via The Symon and StreetEasy)

It’s just one week, but Brooklyn luxury contract signings fell 50%

It’s just one week, but Brooklyn luxury contract signings fell 50%
565 Broome Street and 35 North Moore Street (Photos via 565BroomeSoHo and Google Maps)

Manhattan sees highest number of luxury contracts signed since early March

Manhattan sees highest number of luxury contracts signed since early March
President Donald Trump (Getty; iStock; Trump Organization)

5 real estate takeaways from 20 years of Trump’s taxes

5 real estate takeaways from 20 years of Trump’s taxes
(Photo courtesy of Winkworth)

London’s so-called skinniest home hits the market

London’s so-called skinniest home hits the market
(iStock)

Déjà vu: New home sales hit 14-year high in August

Déjà vu: New home sales hit 14-year high in August
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...