President Trump’s tax reform package had an impact on nearly half of potential buyers searching for a new home, nine percentage points less than one year ago, according to a new Redfin survey. The tax code revision put in more of a limitation on mortgage interest and added a cap on property tax deductibility that was previously unlimited.
One of the changes in the 2017 tax bill was to double the standard deduction from $6,700 per person to $12,000. This had the effect of changing the number of people who itemize their tax returns.
· But if the person’s tax rate drops to 35 percent, the annual value of the deduction falls by nearly $500 to $3,500. There are other indirect effects, too. The House’s plan would raise the deficit by roughly $1.5 trillion over 10 years.
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The most common effect of the tax reform was homebuyers reporting that they had lowered their price range because of the decreased benefits of higher-priced homes, Redfin reported.
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The most common tax-reform effect reported by homebuyers this year was that they lowered their price range because of decreased tax benefits on high-priced homes (14%, down from 16% last year). Another prevalent way tax reform has been affecting the housing market is in the form of migration to places with lower taxes, a trend we’ve noted in reports on Redfin.com user search patterns for more than a year .
A year after implementing a tax reform bill that lowered caps on tax deductions permitted for mortgage payments and state and local taxes, Redfin reports that less than half of homebuyers say it impacted their home searches. According to the company, 47% of homebuyers say the bill has affected their home search, falling from last year’s.