🏡 What the “One Big Beautiful Bill” Means for Bergen County Homeowners, Buyers, and Sellers
"Does this new tax law really help homeowners in New Jersey, or is it just more political noise?"
That’s the question a lot of my clients are asking right now, especially here in Bergen County, where property taxes are no joke. The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, delivers some of the most sweeping tax changes in years — and the short answer is: yes, it can help, but only if you understand how to use it.
Whether you’re thinking of selling, buying, or staying put, here’s how this bill could impact your financial future, especially in a high-tax market like Northern New Jersey.
🧾 SALT Deduction Raised — But There’s a Deadline
The biggest headline? The cap on state and local tax (SALT) deductions has been raised from $10,000 to $40,000 through 2029. That’s a meaningful tax break for homeowners in towns like Leonia, Tenafly, Teaneck, Fort Lee, and Englewood.
If you own a home with high property taxes and itemize deductions, this could cut your federal tax bill by thousands per year. But it’s temporary. The cap will drop back to $ 10,000 in 2030 unless Congress extends it.
🏠 Selling? This May Be Your Sweet Spot
If you’re preparing to downsize or cash out of a long-held property, the timing just got better. Buyers in NJ suburbs can now deduct more of their property taxes, making higher-priced homes in our market more attractive again.
This, paired with:
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No federal tax on Social Security,
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A new senior deduction of up to $12,000 (married),
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And a larger standard deduction for retirees,
…makes it a smart time to sell while conditions favor both sides of the table.
👨👩👧👦 First-Time and Move-Up Buyers Benefit Too
For dual-income buyers with families, the bill:
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Made the mortgage interest deduction permanent (up to $750K)
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Restored the PMI deduction, helping lower-down-payment buyers
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Increased the child tax credit to $2,200
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Introduced "Trump Accounts" — $1,000 government seed contributions for babies born 2025–2028
If you’ve been priced out before, this tax relief may improve your buying power, at least for the next few years.
💼 Investors and Multi-Gen Buyers: More Leverage
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The 20% deduction on rental income (QBI) is now permanent
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1031 exchanges remain untouched
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Opportunity Zones are back for good
Whether you're house-hacking a two-family or building generational wealth, the landscape is favorable for investors and extended families alike.
⚠️ But Not Everyone Benefits Equally
A few things to keep in mind:
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SALT deduction only helps if you itemize, and not all homeowners do
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Benefits phase out at higher income levels ($500K+ MAGI)
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Medicaid cuts could put pressure on NJ’s local taxes down the line
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And the SALT cap? It expires after 2029 unless extended
This isn’t a permanent fix. It’s a window, and windows close.
🗺️ What You Can Do Now
Every homeowner's situation is different. This law gives us new opportunities and new variables to work with.
Whether you're:
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Thinking of selling in the next 6-12 or 12-24 Months
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Exploring a move-up purchase or downsizing,
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Or just want a second opinion on how the numbers shake out...
I’m here to walk you through it.
📩 Want a personalized breakdown of how this bill affects your property or plans?
Send me an email to [email protected] or call me on my cell at 201-970-3960.
All the best,
Scott Selleck,
Broker / Sales Associate.
AI Certified Agent, E-Pro, SRES Designation
Your Trusted Real Estate Advisor For Bergen & Hudson County, Northern NJ.
Scott Selleck
Bergen - Hudson County Real Estate Expert
KW City Views Realty – Fort Lee
www.SelleckSellsNJ.com
