CT Real Estate Will Be Hit Hard By Trump's New Tax Plan: Report

Thinking about buying a new home? You might want to think twice about buying in Fairfield County, if the new Trump tax plan passes as expected. The affluent county's real estate market could be hit hard by the plan, because it caps the amount that people can deduct for state and local property taxes at $10,000.

According to a new report by the real estate website Trulia, Fairfield County has the nation's fourth-highest percentage of residents who pay more than $10,000 in property taxes.

Just over 20 percent of residents of Fairfield County pay above $10,000 in property taxes, or one-fifth of the county. The median property tax bill for Fairfield County homeowners is $6,133.

The only areas with a higher percentage of residents who pay more than $10,000 in property taxes are Long
Island, NY; Newark, NJ; and New York City, according to the report. Even on the more affordable end of the real estate spectrum, four Connecticut cities recently were also found among the worst housing markets in the United States, according to WalletHub.

And in fact across the nation, "only 10 percent of Americans said they plan to buy a home in the next 12 months," states Trulia, another harbinger of the possibility of rough times ahead.

“Should the [Trump tax] plan become law, the luxury market and housing markets in expensive, high-tax states in the Pacific West and Northeast might see cooling, including moderation of home price growth, new construction, and existing home sales,” writes Trulia.

So enjoy that wonderful Connecticut home now, especially if you live in Fairfield County. Because it might be a while before you can unload it.

To read the full report on Trulia, click here.

Image via Shutterstock

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