{"id":7448,"date":"2017-12-13T00:00:00","date_gmt":"2017-12-13T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/homeowners-say-tax-reform-would-hurt-them\/"},"modified":"2017-12-13T00:00:00","modified_gmt":"2017-12-13T00:00:00","slug":"homeowners-say-tax-reform-would-hurt-them","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/homeowners-say-tax-reform-would-hurt-them\/","title":{"rendered":"Homeowners Say Tax Reform Would Hurt Them"},"content":{"rendered":"

\n<\/p>\n

\n <\/p>\n
<\/p>\n

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\u00ae\u2019 fourth-quarter Housing<\/a> Opportunities and Market Experience survey.<\/p>\n

\n

Learn More About Tax Reform<\/strong><\/p>\n

How Tax Reform Affects Homeowners in Each State<\/p>\n

Side-by-Side Comparison of House, Senate Tax Reform Bills<\/p>\n

Take Action: Contact Congress About Tax Reform<\/p>\n<\/blockquote>\n

Proposed tax bills currently in the House and Senate could \u201cundercut the incentive of owning a home and would have a detrimental effect on many homeowners\u2019 financial situation and future desire to move,\u201d NAR states on a release about the survey\u2019s findings.<\/p>\n

The current House and Senate bill weaving its way through Congress differs in content, but includes a call to limit the mortgage<\/a> interest deduction on new mortgages and eliminate it outright for second mortgages and new home equity lines of credit. The bill also contains potential implications for the capital gains exclusions on the sale of a principal residence and caps on property taxes.<\/p>\n

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.<\/p>\n

\u201cHomeownership is an aspirational goal for millions of Americans, but getting there isn\u2019t always easy,\u201d says NAR President Elizabeth Mendenhall. \u201cMiddle-class families count on tax incentives like the mortgage interest deduction and the state and local tax deduction to make homeownership a more affordable prospect. REALTORS\u00ae\u00a0will continue to advocate for these and other important provisions as the tax reform debate continues.\u201d<\/p>\n

NAR\u2019s full findings from its fourth quarter HOME survey will be released Dec. 18.<\/p>\n

\"\"<\/p>\n

\u00a0<\/p>\n

Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<\/div>\n

Realtors <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A majority of recently surveyed homeowners say that changing homeownership tax incentives would restrict their mobility … Homeowners Say Tax Reform Would Hurt Them<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7449,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[518,12908,543,3051,627,408,312,258,1007,41,818,479,1262],"class_list":["post-7448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-america","tag-home","tag-home-buying-guide","tag-homeowner","tag-homeowners","tag-mortgage","tag-mortgages","tag-new-home","tag-owners","tag-property","tag-real","tag-realtor","tag-taxes"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/NARHOMETaxSurvey.jpg?fit=1081%2C1081&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7305,"url":"https:\/\/amazingproperty.com.ng\/blog\/1-month-left-to-sell-before-possible-tax-hike\/","url_meta":{"origin":7448,"position":0},"title":"1 Month Left to Sell Before Possible Tax Hike","author":"Amazing Property","date":"November 30, 2017","format":false,"excerpt":"Some home sellers would need a sale contract inked before the end of 2017 in order to avoid a big tax bill that would be imposed if the GOP tax reform proposals become law. Both the House and Senate bills would require sellers to have lived in their residence for\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"1512079515 1 Rss.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/1512079515_1_rss.png?fit=456%2C1200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6239,"url":"https:\/\/amazingproperty.com.ng\/blog\/tax-reform-proposals-threaten-homeowners\/","url_meta":{"origin":7448,"position":1},"title":"Tax Reform Proposals Threaten Homeowners","author":"Amazing Property","date":"September 15, 2017","format":false,"excerpt":"REALTORS\u00ae took their concerns over tax reform proposals to Capitol Hill on Wednesday, with Iona Harrison, chair of the National Association of REALTORS\u00ae\u2019 Federal Taxation Committee, warning the Senate Finance Committee that they limit or nullify the tax incentives for homeownership. Harrison said the proposals would actually raise taxes on\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3875,"url":"https:\/\/amazingproperty.com.ng\/blog\/mendenhall-urges-lawmakers-to-keep-incentives-for-homeowners\/","url_meta":{"origin":7448,"position":2},"title":"Mendenhall Urges Lawmakers to Keep Incentives for Homeowners","author":"Amazing Property","date":"April 26, 2017","format":false,"excerpt":"As the Trump administration unveils its plan to reform the U.S. income tax system, NAR President-elect Elizabeth Mendenhall visited key lawmakers on both sides of the aisle yesterday to remind them of the central role the mortgage interest deduction and other tax code provisions have long played in incentivizing Americans\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/Mendenhall-Neal-042517-2.JPG?fit=450%2C212&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3865,"url":"https:\/\/amazingproperty.com.ng\/blog\/will-tax-changes-benefit-homeowners-and-investors\/","url_meta":{"origin":7448,"position":3},"title":"Will Tax Changes Benefit Homeowners and Investors?","author":"Amazing Property","date":"April 26, 2017","format":false,"excerpt":"As the White House shifts its focus to tax reform, analysts are examining who will benefit from the proposal announced Wednesday afternoon. The New York Times reported yesterday that this week\u2019s stock market surge could be attributed to President Donald Trump\u2019s call to cut the corporate tax rate to 15\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6960,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-gops-tax-plan-attacks-homeownership\/","url_meta":{"origin":7448,"position":4},"title":"NAR: GOP\u2019s Tax Plan \u2018Attacks Homeownership\u2019","author":"Amazing Property","date":"November 6, 2017","format":false,"excerpt":"Republican strategist Steve Schmidt predicted during the REALTORS\u00ae Conference & Expo in Chicago on Saturday that Congress would not pass the GOP\u2019s tax proposal. Congressional Republicans are pushing the bill, he said, simply because they need a legislative victory. Read more. The recently released GOP tax reform plan would decrease\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"11 6 17 Steveschmidt.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/11_6_17_SteveSchmidt.jpg?fit=400%2C266&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4609,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-word-from-d-c-tax-reform\/","url_meta":{"origin":7448,"position":5},"title":"The Word From D.C.: Tax Reform","author":"Amazing Property","date":"May 17, 2017","format":false,"excerpt":"[ad_1] Always Be Networking: Valuable connections abound at the Legislative Meetings & Trade Expo. High Hurdle for\u00a0Tax Reform \u201cNo Republicans want to say they got nothing done.\u201d\u2014Fox News journalist Chris Wallace Tax reform is a priority of President Donald\u00a0Trump and the Republican\u00a0Congress, but \u201cFox News Sunday\u201d host Chris Wallace said\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/dn_bigbizcard_480-2.jpg?fit=480%2C230&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=7448"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/7449"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=7448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=7448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=7448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}