Changes to the MID Would Have Devastating Impact on New Jersey:
Answer NAR’s Call For Action at Realtoractioncenter.com
Answer NAR’s Call For Action at Realtoractioncenter.com
By now, you have seen numerous news reports concerning negotiations currently taking place between President Obama and Congress on how to avoid going over the “Fiscal Cliff.” Several news stories speculate there may be attempts to limit and/or reduce homeowners’ ability to deduct mortgage interest payments from their income taxes as part of the deal struck to address our government’s economic woes.
It is the belief of the REALTOR® organization that any reduction and/or limit placed on the mortgage interest reduction (MID) would undermine consumer confidence in the housing market at a time when the goal is to stabilize housing prices and sustain homeownership.
Given the current state of the economy, any proposal to slash the MID could have an extremely negative impact on New Jersey’s real estate market and taxpayers. In fact, in 2011 there were approximately 2,060,480 owner‐occupied houses in New Jersey and 70% of those had a mortgage. In 2010, 1,377,300 taxpayers in New Jersey claimed a deduction for mortgage interest, with the total amount deducted at $15,716,737,000. This means that the average taxpayer claiming the MID deducted $11,400 from taxable income in 2010.
The real estate industry’s impact on our nation and state’s fiscal health is irrefutable and that is why it is crucial to protect this deduction. Tax deductions that residents receive from owning a home are powerful incentives to get people into the housing market. Given the dire financial issues our country is facing, we must fight to bolster the housing industry and stop any proposal which seeks to undermine the basic foundation of homeownership.
Please do your part to protect the MID and Garden State taxpayers. Answer the National Association of the REALTORS® (NAR) Call For Action and send a message to our Senators and your member of Congress. Remind them where REALTORS®stand and that we will be watching to see who stands with us.
It is the belief of the REALTOR® organization that any reduction and/or limit placed on the mortgage interest reduction (MID) would undermine consumer confidence in the housing market at a time when the goal is to stabilize housing prices and sustain homeownership.
Given the current state of the economy, any proposal to slash the MID could have an extremely negative impact on New Jersey’s real estate market and taxpayers. In fact, in 2011 there were approximately 2,060,480 owner‐occupied houses in New Jersey and 70% of those had a mortgage. In 2010, 1,377,300 taxpayers in New Jersey claimed a deduction for mortgage interest, with the total amount deducted at $15,716,737,000. This means that the average taxpayer claiming the MID deducted $11,400 from taxable income in 2010.
The real estate industry’s impact on our nation and state’s fiscal health is irrefutable and that is why it is crucial to protect this deduction. Tax deductions that residents receive from owning a home are powerful incentives to get people into the housing market. Given the dire financial issues our country is facing, we must fight to bolster the housing industry and stop any proposal which seeks to undermine the basic foundation of homeownership.
Please do your part to protect the MID and Garden State taxpayers. Answer the National Association of the REALTORS® (NAR) Call For Action and send a message to our Senators and your member of Congress. Remind them where REALTORS®stand and that we will be watching to see who stands with us.
For more information about the mortgage interest deduction contact The Landis Co., Realtors at (609) 263-3400 or info@LandisCo.com .
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