Santa Barbara Real Estate

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Proposed Tax Plan Stalling Real Estate Market?

November 13th, 2017 · No Comments · California Real Estate, Real Estate News, Santa Barbara

The proposed GOP Tax Plan could eliminate key advantages of owning a home. The Senate tax plan eliminates the state and local tax deduction (SALT) which also allows people to make itemized deductions for property taxes. That would raise a tax burden on existing homeowners, and encourage them to look for cheaper properties according to Trulia. This is likely to have the greatest impact on expensive coastal cities where residents pay some of the highest property taxes in the US. If the Senate version prevails, the mortgage interest deduction cap would remain unchanged at loans of $1,000,000. The house has proposed cutting the cap to $500,000. As expected, homebuilders and the Realtor trade associations have denounced this.

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