Home values in California could plunge by more than $56,000 and owners there could be exposed to $30,000 in new capital gains taxes under a House tax proposal that would cap the mortgage interest deduction at $500,000 and alter tenure requirements, new data indicates. The brunt impact of the so-called “Tax Cuts and Jobs Act” on California home owners is merely one of the alarming insights to emerge from a new state-by-state analysis by the National Association of Realtors (NAR) of the GOP tax bill that passed in the House on November 16. “We know definitively that the tax reform proposals pending in Washington would hurt home values in every state across the country,” said NAR President Elizabeth Mendenhall in a statement emailed to Inman. She continued: “And while some states would get hit harder than others, changes to the capital gains exclusion are among the many that could affect every homeowner regardless of their income or property value. There is real cause for co…
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