"President Trump's One Big Beautiful Bill Act raised SALT-deduction caps to $40,000 from $10,000 for homeowners itemizing their taxes. Redfin used local tax revenue, home value and income data to determine how much typical homeowners could expect to deduct. In Massachusetts, over 85% of residents stand to benefit from the adjustments. The median SALT deduction in Massachusetts now sits at $25,979, and qualifying Bay Staters will save a median of $3,835."
"Notably, these statistics reflect how many households could save, but not all will. Many homeowners opt for the standard tax deduction. "Benefits vary so widely because the mix of home values, property taxes and income taxes looks very different depending on where you live," said Redfin Senior Economist Asad Khan. "In states with both high home values and high taxes, most homeowners are now able to deduct more than they could under the old $10,000 cap.""
The SALT deduction cap increased to $40,000 from $10,000 for homeowners who itemize, expanding potential deductions for many taxpayers. Local tax, home value, and income data indicate wide variation in who benefits across states. In Massachusetts, more than 85% of residents could benefit, with a median SALT deduction of $25,979 and a median savings of $3,835 for qualifying homeowners. States with lower property taxes and values see far fewer beneficiaries, exemplified by Tennessee, where only about 1% could benefit. These figures show households that could save, though many homeowners still choose the standard deduction.
Read at Boston Condos For Sale Ford Realty
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