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Senate bill cuts property tax deduction, keeps MID

Posted by   /  November 13, 2017  /  No Comments

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RealtorMag

Yesterday, Senate Finance Committee Republicans released their version of the tax reform bill. Although it goes one step further than the House bill by preserving the $1 million cap on the mortgage interest deduction—rather than cutting it to $500,000—it eliminates the deduction for property taxes. These are among the important differences between the plans, both versions of which will lead to higher taxes for many middle-income homeowners and lower property values overall, NAR says.

“Simply preserving the mortgage interest deduction in name only isn’t enough to protect homeownership,” NAR President Elizabeth Mendenhall said in a statement yesterday.

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