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Real Estate CeJ
lOUM. wou*«»g
Eileen M. Day realtor
WILL NEW TAX
CHANGE VALUE?
Even after tax reform, there will still be no place like home for cutting your taxes. That’s because the mortgage interest on your residence will remain fully deductible. True, your mortgage write-off will save you somewhat less under a system with lower tax rates. A homeowner who is now in the 50% bracket saves $10,000 on a mortgage deduction of $20,000, while the same write-off would cut his tax bill by only $5,400 were the rate to drop to 27%. (However the amount of tax on your income would drop the same percentage also).
Nevertheless, most analysts expect that tax reform will not significantly depress the value of your home. Home-buying decisions are made mainly on the basis of inerest rates and prices. As long as the mortgage deduction continues, the relatively minor impact of lower tax rates shouldn’t hurt demand for personal housing.
If there is anything we can do to help you in the field of real estate please drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington. Va. 22747. Phone: 6753033. We’re here to help.
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