The Millionaire's Tax (Fair Share Amendment) Two Years Later

The Millionaire's Tax (Fair Share Amendment) Two Years Later

It's been two years since the 4% surcharge on income over $1M was enacted. How has it actually affected the high-end markets in Weston and Wellesley?

The Reality Check

• Inventory Impact: We saw a slight 'rush to sell' in late 2023, but the market has since stabilized.
• Asset Diversification: High-net-worth sellers are working more closely with tax strategists to manage the timing of their home sales.
• Price Resilience: Despite the tax, demand for premier zip codes remains so high that prices haven't dipped; they've simply leveled off.

Pro Tip

If you're selling a primary residence, remember the $500k exclusion (for couples) still applies before the surcharge kicks in.

[[CTA]] Navigating a high-value sale? Let's coordinate with your financial advisor to ensure a tax-efficient transaction.