What Does The Tax Bill Mean for Charleston Home Values?

Unfortunately the tax code is still complicated, and until we go through a new tax cycle, it is still unclear what ramifications the new tax bill will have for South Carolinians, Charlestonians and the rest of the US. Here are a few things that I have gleaned from reading as much as I can. There is now a cap on the amount of state taxes that can be written off of your federal taxes. That cap is $10,000. What that means is the states with the highest income taxes: NY, Ct, NJ, Ws, Il, Ca, Ma, Mn etc will have the residents that feel it the most! According to an article from The State Paper South Carolinians pay far less than residents of over half the other states. Here is an article with stats about rankings. So what does it all mean? Many speculate that it will add to our influx of population. As wealthier people from states with high taxes get hit hard with the new bill, they will look for states with low taxes that have a high quality of life. The move to Charleston SC will tempt many. This causes local real estate investors to become giddy with anticipated continued value increases. So despite the high number of housing starts, which normally causes a deflation of value, due to our tax rate, 2018 could see a continuation of climbing values. Want to know where to buy a home in Charleston SC that will be a good investment and a great place to live? Email me your specifics at currie@me.com for a personalized recommendation.