Meet the New Jersey town being crushed by the tax bill
Home values are expected to plunge
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