The North Carolina Association of Realtors is taking a very measured view of the compromise tax reform plan.
We do not support placing a cap on mortgage interest and property tax deductions. We see a cap on mortgage interest and property tax deductions as a major shift in tax policy that will hurt homeowners across the state and the entire real estate economy.
When the real estate economy suffers, the general economy suffers accordingly. Increasing the tax burden on housing and homeownership will hurt the overall goal of tax reform to improve North Carolina’s economy.
We are concerned that this tax reform will have an overall negative impact on the state’s broader economy – costing us jobs and stalling a recovery in the real estate market.
It’s a bad time to place restrictive tax policies on the real estate economy. We are just emerging from the worst recession since the Great Depression. The North Carolina Association of Realtors believe we should be encouraging homeownership and private property rights – not adopting legislation that will be a de facto tax increase on homeowners.