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Will expensive home prices tank because of tax reform

With a limit of 10k of real estate tax deductibility, will this hurt the value of high end homes and also the purchase of vacation homes given the 10 k. Limit
It’s state income and property tax up to $10k, so it’s worse than you state and yes, I think it will.
I think it will have some impact in California, NY and similar.  The impact might be seen in emmigration or lower sales of move-up housing.
The problem in states like California is that you can't move in-state without triggering a new property tax burden.  It's great to see price appreciation on your home, but you almost have to leave the state to unlock it.  My SALT expense exceeds the cap and I live in a very modest home.  If I were to sell, my next California home would need to be 30% below my sales price to keep my taxes at the same level, basically a lower standard of living.
The other problem with the implementation of the cap is that two-income married couples are capped at the same level as single filers.  Does that make sense?
The answer is no.  Will it have ANY impact?  Possibly on mid priced homes in high value areas, i.e. $750k - $1.5M.  I live in an area where the median home price is approaching $500k, and it is not a "high tax blue state". 

But overall, I don't think there will be a lot of tanking.
At the margin, more expensive homes become less attractive. But remember a maximum $750,000 mortgage interest deduction remains (Down from $1 million). So there’s still an incentive tax wise. But with state/local/property capped at $10,000..I would think expensive homes likely just became maybe 10% less valuable.

Offsetting this is the housing shortage in every price range..providing price support.

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