For millions of homeowners in high-tax states, property taxes haven’t just been painful—they’ve been punishing.
As home values soared over the past decade, property tax bills rose right along with them. But a 2017 tax law placed a hard ceiling on how much homeowners could deduct from their federal taxes—capping it at $10,000 for all state and local taxes combined, including property taxes and income taxes.
Now, a dramatic change is in motion. The Senate has approved a new $40,000 cap on state and local tax (SALT) deductions. If approved by the House and signed into law, it could bring long-awaited relief to homeowners in high tax states…