Westchester Homebuyers Find a Way to Get Around New Tax Burdens
- Sales of multifamily homes jump in New York’s northern suburbs
- Investment properties don’t face the same caps on deductions
A worker installs electricity in a new housing development in Westchester County.
Photographer: Andrew Holbrooke/Corbis News via Getty images
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The highest property taxes in the nation and new federal limits on deductions have scared many homebuyers from New York’s tony Westchester County. Now, some have discovered a workaround -- buy multifamily.
Purchases of two- to four-family houses surged 28 percent in the third quarter from a year earlier, Miller Samuel Inc. and Douglas Elliman Real Estate said in a report Thursday. As investment properties, the houses aren’t subject to the same limits on deductions that have sent sales of single-family homes tumbling.