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Tax reform proposals could cause home ownership to wane

Posted by   /  February 26, 2017  /  No Comments

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By Gabriela Rico | Arizona Daily Star

Industry leaders fear if taxpayers don’t use the mortgage interest deductions, fewer people will want to buy a house and for sale signs will hang longer.

While the local housing market is enjoying a recovery, tax reform proposals coming out of Washington are stoking fears about a damper on recent gains.

Among the changes being proposed is an almost-doubling of the standard deduction — from $12,600 to $24,000 for a married couple filing jointly.

Related: Flagstaff property values still on upswing but slowing down

The Tax Policy Center predicts more than 80 percent of taxpayers would opt for the standard deduction, versus itemizing to get a tax break on their mortgage interest.

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