(Bloomberg) -- Of all the costs of living in the New York City area, one is particularly inescapable -- and the pain is about to get worse, thanks to the federal tax overhaul.
Among the 10 U.S. counties with the highest average property tax bills last year, nine are within commuting distance of Manhattan, a new analysis by Attom Data Solutions shows. Marin County in Northern California is the only one outside the region.
Topping the list is Westchester County, home of Scarsdale and Bronxville, Wall Street meccas that are among the richest places in the nation. The average property tax bill in the county was $17,179, well above the new $10,000 limit on deductions for state and local levies. In the No. 2 spot is Rockland County, just across the Hudson River, where homeowners paid an average of $12,924 last year.
For many pricey housing markets on the list, there's a double whammy: The rules that kick in for the 2018 tax year also cap the mortgage-interest deduction, at new loans of $750,000.
“There's a bullseye on New York City and surrounding counties,” Daren Blomquist, a senior vice president at the real estate analytics firm. “Some folks are going to want to sell and there could be weaker demand for some homes in those areas as well.”
Read More: Westchester Home Market Sizzles While Bracing for a Tax Hit
To contact the reporter on this story: Prashant Gopal in Boston at pgopal2@bloomberg.net.
To contact the editors responsible for this story: Daniel Taub at dtaub@bloomberg.net, Christine Maurus
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