Found 2 blog entries tagged as Taxes.

40.5% of U.S. Properties May be Over-Assessed

For many Westchester County homeowners, spring doesn’t just bring blooming magnolias, it also brings the annual property tax assessment. If you’ve looked at yours and thought, “This can’t be right,” — you might be right. An article from Realtor.com suggests that approximately 40.5% of U.S. properties may be over-assessed. With home prices up more than 30% since 2020 in Westchester​, it’s no surprise that some assessments feel inflated. But municipalities don’t always get it right.

Here’s how we review property taxes and what to do if you're over-assessed:

  1. Find Your Assessment: Check your tax bill for Total Assessment or Taxable Value.

  2. Check the Residential…

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Is SALT Reform on the Way?

President-elect Donald Trump has directed House Republicans to negotiate an increase in the state and local tax (SALT) deduction cap, currently set at $10,000. The initiative aims to provide tax relief to residents in high-tax states like New York, California, and New Jersey. Trump's guidance followed a meeting with Republican lawmakers from these states, where he emphasized the need to determine a "fair number" for the deduction.

  • Background: The SALT deduction cap was established in the 2017 tax law, limiting deductions to $10,000. This cap has been contentious, particularly in high-tax states, as it effectively increased the tax burden on many residents.

  • Challenges Ahead: Modifying the…

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