“When we’re dealing with a sale for $25 million, most of those high-end deals are all cash,” Shapiro said. But “if the property tax deduction is limited to $10,000 and you’ve just bought a house for $25 million, and your property tax is $275,000 a year, then you’re losing $265,000 of tax offset under that. That’s a big hit.”
This article was provided by Bloomberg News.