Florida homeowners could see tax breaks from BBB
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Real estate brokers are cheering a provision in President Trump's "big, beautiful bill."
Why it matters: Expanding the state and local tax (SALT) deduction could be boon for homebuyers in expensive areas where taxes run high.
How it works: The latest version of the legislation proposes to raise the deduction cap from its current $10,000 a year limit to $40,000 for five years.
- Homeowners with relatively high incomes and steep property taxes especially stand to save.
The big picture: Property taxes have swelled nationwide, and avenues for relief dominated Florida's legislative session this year.
- About 8% of properties in Florida are taxed at a rate of at least $10,000. That's among the highest in the nation, at 13th overall.
- Pair that with steep insurance costs and HOA fees, and it's no surprise that demand has cratered, with houses on the market longer and fewer people moving here.
What we're hearing: The National Association of Realtors previously cheered the SALT push as a key win for real estate.
Reality check: Not everyone pays tens of thousands of dollars in state and local taxes.
- A SALT cap increase like the one in Trump's bill "would have the most impact on homeowners in high-tax states and in high-dollar homes," said Realtor.com senior economist Joel Berner.