Homeowners say tax reform would hurt them
A majority of recently surveyed homeowners say that changing homeownership tax incentives would restrict their mobility and cause them financial strain, according to new data from the National Association of REALTORS’ fourth-quarter Housing Opportunities and Market Experience survey.
Proposed tax bills currently in the House and Senate could “undercut the incentive of owning a home and would have a detrimental effect on many homeowners’ financial situation and future desire to move,” NAR states on a release about the survey’s findings.
Eighty-five percent of the homeowners surveyed by NAR say they would deduct both mortgage interest and property taxes if they bought a new home. Forty-eight percent of homeowners surveyed say that if changes to the tax code are made they would experience financial strain due to the changes. Also, 30 percent say they would then be reluctant to move.