There have been a lot of discussions about Tax Reform Law. We thought we all need to know more about it, and stay informed. Here are the different links for more additional information on the Tax Reform Law.
- How Tax Reform Impacts Homeowners in Each State
This site, run by NAR, hopefully will be updated now that the tax reform bill has become law. It gives you state-by-state data on tax deductions, capital gains exemptions, and the potential impact on housing prices from the 2017 tax reform framework. You can download information for your state by clicking their map.
- Which Places Pay the Most in Property Taxes?
This site gives you an interactive map where you can find the median property taxes by county.
- Reforming the mortgage interest deduction: A chance for fairness for American taxpayers?
This article gives the argument for why the changes made sense. We are not saying we agree so please don’t attack us for the content. We just want you to better understand the other side, so you are prepared for those conversations.
Some people will overreact to any change. In the current political environment, reactions from both sides may be even more passionate.
In the end, Jason Furman, a Harvard Kennedy School economist, may be proven correct:
“Nothing in my experience suggests that the views people have about the tax cuts – whether justified or not – will change after they start actually being affected by them.”
It is our job to remain objective and report the facts. As we say:
“It’s not good news. It’s not bad news. I’m just reporting THE news.”
Disclaimer #1: This page is not meant to be a resource for tax advice but instead a resource for basic information concerning the aspects of the new tax code and how it may impact the real estate market. Our views herein provide broad guidance to the industry. The specific impact on each individual and property will vary. Therefore, your clients and customers should get tax advice from their accountants or financial advisors who will explain how the entire tax code will affect their personal returns.
Disclaimer #2: Some of the commentary on this page may be revised as the analysis of the bill and future law evolves. As further clarification of the new code and deeper analysis becomes available, we will update this page.