No one can know what the final proposal will look like. However, for those of us in The Real Estate Business, we are somewhat concerned. First is the prospect that the deduction of New York State taxes and property taxes may be eliminated for those tax payers who itemize, this can result in a major disadvantage to homeowners who just about always use the long form. One of the biggest attractions for home ownership has always been the ability to take advantage of this incentive, it applies to both first and second homeowners. The tax reform proposal’s reduction to homeowner tax subsidies could lead to more people deciding to rent homes because it may be a lower-cost alternative to purchasing. If you own a home you may want to express your concerns to your local representatives.
