Region’s homebuyers could be casualties of GOP tax plan
Those planning to take out a mortgage to purchase a new place to live in
Though the proposed change would not impact existing homeowners, it would affect those who plan to apply for a new mortgage.
"If I'm buying an
Because the median home price in the
"It's going to affect everybody in the
The effect could be similar in
"In lower
For Barbaro, another significant item in the Republican plan is a
"In some states, it isn't that significant, but in
Barbaro said that tax change will affect decisions made by any new buyer in the
"It's pushing your lending ability down," he said. "If you take that property tax deduction away from them, their monthly buying power goes down, and it's going to force people into
Topping that list is
"For
"The big challenge we have with this is we really feel that housing pretty much drives the economy," he said. "If you start hurting or stifling the housing market, you really could be hurting the economy."
Still, Seiden said, the lure of living in
"People are used to paying whatever they need to pay to be here," he said, "because if people were not willing to pay to be here, why in God's green earth would anyone pay the property taxes that people have to pay in
"It will lessen the value of the property tax deduction and it cuts a host of other key housing-related tax incentives," he said.
Those cuts include restrictions on the capital gains exemption homeowners use today when they sell their home.
"This legislation closely tracks with the House Republican Blueprint for tax reform, which threatens home values and takes money straight from the pockets of homeowners,"
"Tax hikes and falling home prices are a one-two punch that homeowners simply can't afford," he said, adding that the
Despite a negative impact on certain homebuyers and owners, Barbaro thinks the legislation still could move forward.
"I personally think it will pass," he said. "I think in general the country and voters have an appetite for a simpler tax structure," and eliminating deductions is one way to achieve that. "I think we re lucky to keep any portion of a mortgage deduction in the equation."
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