A Significant Threat to Homeowners
Homeownership has so many personal and financial rewards, including the sense of pride you feel when you customize your home as opposed to living with the limitations of a landlord. One of the major financial benefits is the equity you build over time with every mortgage payment. Our home investments also provide valuable tax benefits, such as the interest paid on our mortgage as well as our property taxes, which also provides an additional deduction. As you know, I’m a realtor serving Monmouth & Ocean Counties and a member of the National Association of Realtors (NAR) and I have some disturbing news. Congress is threatening tax incentives for homeowners including the mortgage interest deduction in addition to state and local property tax deductions. The proposed tax reform plan will have a significant negative impact on middle-class homeowners as we will not be able to deduct state and local tax. The projected outlook is fewer homebuyers, a decrease in home values, damage to the housing market and higher taxes. How does this incentivize future home buyers and make household budgets manageable for current homeowners? Click https://www.nar.realtor/tax-reform for details and stay informed. Check back to A.J. Dell’Omo, Inc., Realtors Real Estate News & Blogs for updates.