The Passing of Tax Reform and What It Means to Current and Prospective Homeowners

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The tax reform legislation passed the House and Senate today, and will soon be signed by the President and become law.

The National Association of Realtors remains concerned that the overall structure of the final bill diminishes the tax benefits of homeownership and will cause adverse impacts in some markets. NAR is projecting some local markets, particularly in high cost, higher tax areas, will likely see price declines as a result of the legislation’s new restrictions on mortgage interest and state and local taxes.