"Today we are giving the people of this country their money back," proclaimed Paul Ryan Tuesday as the House passed a sweeping rewrite of the tax code (it has to vote again Wednesday because of this glitch). That's likely not the case for current and future homeowners in these 7 cities. That's because homeowners can currently deduct the entirety of their property tax, and under the proposed tax laws, the deduction for state and local property taxes maxes out at $10,000. Trulia identified the metro areas where the biggest proportion of homeowners exceed that cap, and Business Insider took the number-crunching a step further, determining the home value at which the property tax bill would exceed the $10,000 mark.
7. Boston: 12.4%, $988,190
6. San Jose, Calif: 18%, $1,561,628
5. San Francisco: 19.9%, $1,762,341
4. Fairfield County, Conn.: 20.6%, $783,275
3. New York City: 22.7%, $848,752
2. Newark, NJ: 33.7%, $468,957
1. Long Island, NY: 46.5%, $522,432
See numbers 8 to 11 here. (More property tax stories.)
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