NAR Blast Tax Reform Bill

The National Association of Realtors has taken the position that the Tax Reform Bill is “an assault on housing!” NAR has broadly condemned provisions in legislation that would increase taxes on homeowners and provide fewer cuts than renters.

NAR says the lowering of the mortgage interest deduction from $1,000,000 to $500,000, eliminating moving expense deductions, and terminating a Senate provision for State and Local Tax Deductions is a mistake. NAR says that an increase in the standard deduction combined with the proposal repeal of most itemized deductions will result in a 10 percent decline in home values.