Dec 01
In addition to possibly increasing the middle income tax burden, some of the proposed changes may cause real estate values to fall up to 15%.
The effect will most likely hit neighborhoods with the highest rates of owner occupancy the hardest.
This is similar to how Milwaukee short changed owner occupants when they shifted various costs from property taxes to the water bill. By that move a few hundred dollars that were deductible as property taxes simply became a nondeductible out of pocket expense.
Read the LA Times’ view on removing tax deductions for homeowners.
