The tax reform legislation passed last week by the US Senate puts home values at risk, the National Association of Realtors says
.jpg)
The tax reform legislation passed last week by the US Senate puts home values at risk, the National Association of Realtors says.
"The tax incentives to own a home are baked into the overall value of homes in every state and territory across the country. When those incentives are nullified in the way this bill provides, our estimates show that home values
stand to fall by an average of more than 10 percent, and even greater in high-cost areas,” said NAR President Elizabeth Mendenhall, CEO of RE/MAX Boone Realty.
She added that Realtors support tax cuts but only when they are done responsibly. This legislation will have limited benefits for millions of middle-class homeowners with many paying more, she said.
“In exchange for that, they'll also see much or all of their home equity evaporate as $1.5 trillion is added to the national debt and piled onto the backs of their children and grandchildren,” warned Medenhall.
The National Association of Realtors says that it will continue to work with lawmakers as the legislation moves to conference committee and Medenhall hopes that the committee will listen to the concerns of real estate professionals and millions of homeowners.
"The tax incentives to own a home are baked into the overall value of homes in every state and territory across the country. When those incentives are nullified in the way this bill provides, our estimates show that home values
stand to fall by an average of more than 10 percent, and even greater in high-cost areas,” said NAR President Elizabeth Mendenhall, CEO of RE/MAX Boone Realty.
She added that Realtors support tax cuts but only when they are done responsibly. This legislation will have limited benefits for millions of middle-class homeowners with many paying more, she said.
“In exchange for that, they'll also see much or all of their home equity evaporate as $1.5 trillion is added to the national debt and piled onto the backs of their children and grandchildren,” warned Medenhall.
The National Association of Realtors says that it will continue to work with lawmakers as the legislation moves to conference committee and Medenhall hopes that the committee will listen to the concerns of real estate professionals and millions of homeowners.
