“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

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

A photo illustration of Michael Gianaris and Jeff Bezos (Credit: Getty Images, Wikipedia, iStock)

Gianaris wants to reform NYC tax credit programs that drew Amazon

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand

Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard 

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone

From left: 515 Park Avennue, Soori High Line, One Beacon Court, 53 East 67th Street and 15 Hudson Yards (Photos via Douglas Elliman, Compass, StreetEasy, Hudson Yards, Apartments)

Priciest homes to hit market include an UES building prime for mansion conversion

166 E. 81st St. (Credit: Google Maps, iStock)

UES townhouse once described as “infested with vermin” goes into contract