Texas homeowners experience high property taxes despite having no state income tax. The recent increase in the SALT deduction cap from $10,000 to $40,000 is favorable for Texas residents, with only 1.2% expected to exceed the new limit on property tax deductions. Austin, in particular, shows significant impacts as a large percentage of homeowners surpass the previous cap. The revised cap incentivizes homeownership in high-tax areas, addressing the financial burdens felt by homeowners in booming cities like Austin and Dallas.
"Residents of high-tax states suffered the most with the previous cap on state and local taxes. Because their taxes far exceeded the cap, they were not able to deduct the full amount like residents in low-tax states."
"Austin ranks among the top 10 U.S. metros where the SALT cap expansion will be most impactful. Nearly one-third of homeowners in the city (32%) paid more than $10,000 in property taxes last year."
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