The National Association of Realtors has notified us, as Realtors and homeowners, that we need to know this is happening and to take action NOW! This information from 10/18/17 needs to be heard…
“Congress is threatening tax incentives for homeowners, like the mortgage interest deduction and the state and local property tax deduction. These incentives are critical for a strong housing market that creates jobs and builds stable communities. Do not let tax reform become a tax increase for middle class homeowners.
Homeownership is the bedrock of our industry and we need to make sure any tax reform legislation protects middle class homeowners.
- Did you know that American homeowners already pay 83% of all federal income taxes?
- Did you know that some of the tax reforms under discussion could result in a drop of more than 10% in home values?
- Did you know that after the 1986 Tax Reform Act property values in the commercial sector dropped significantly, negatively impacting state and local tax revenue?
- Did you know that home-owning families with incomes from $50,000 to $200,000 could face average tax hikes of $815 in the year after enactment?
Tell Congress – Do not raise taxes on middle class homeowners in order to cut taxes for corporations.”