After House Republicans passed a bill in mid-November to overhaul the current tax code, the Senate followed with its own proposed legislation, which earlier this month was voted through after a flurry of last-minute amendments. Real estate professionals and industry associations have expressed concerns over how such reform, including changes to the mortgage interest tax break, real estate tax deduction and capital gains taxes, could hurt home values and the incentives to own a home. In a post published on the National Association of Realtors (NAR) Economists’ Outlook blog, Nadia Evangelou, an economist for NAR, estimated how tax reform would affect different locations across the country should a final, reconciled bill pass both chambers of Congress, based on which locales are most heavily relying on the homeowner and real estate tax breaks addressed by the bills. According to Evangelou’s analysis, Loudoun County, Virginia, relies most heavily on the mortgage interest deduc…
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