BY LIZ FARMER | MAY 20, 2019 AT 4:00 AM
A year ago, the new $10,000 cap on the federal deduction for state and local taxes prompted dire predictions for the real estate market, especially in expensive areas like New York and San Francisco.
In these and other high-tax places, local property taxes alone can cost more than $10,000 a year. Many finance experts warned that limiting what these residents could deduct from their local taxes would lower home values and hurt governments' property tax revenue along with it.
As it turns out, those predictions were wrong -- at least on a large scale.