Both houses of Congress have now passed tax-related bills that are likely to have significant impacts on local real estate.
South Bay homes and homeowners could take a significant hit from the new tax legislation. We outline the changes below. Be aware, however, that some tax law changes are still being finalized in a "conference committee" to address differences between the House and Senate bills.
As of today, the tax bills look like a set of property-related tax increases. There will be uncertainties and challenges for real estate markets everywhere as these changes take effect.
Here's what we know now about the tax bills passed in each chamber.
Over $10K in Property Tax No Longer Deductible
Almost overnight, the deductibility of property…