Bruce Walter (Keller Williams Realty Lafayette/West Lafayette, Indiana)

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Rainmaker
968,649
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I see this only having positive impacts for the country as a whole. 

 

I'm even happier that NAR and CAR's lobbying efforts were for nothing!

 

Dec 02, 2017 10:22 AM
Rainmaker
502,431
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

ZERO. Our property taxes are just not that high. That's why people like to live here.

Dec 02, 2017 09:47 AM
Rainmaker
719,694
Thomas J. Nelson, Realtor,CRS,e-Pro
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

Remains to be seen, but in 20 years of real estate sales; I've rarely hear anyone mention tax deductions are their primary reason for purchase. Tax consequences on investment property capital gains is the main tax conversation I've had. In San Diego our avg. property tax is 1.125% of the purchase price, so  I'd say the middle class is fairly safe with a $525,000 median sales price as of October 2017.

Dec 02, 2017 09:27 AM
Rainmaker
1,066,049
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

In my town, which is not the highest taxed town in my county, 30% of the houses sold this year pay less than $10K/year in property taxes so they won't be impacted. 70% pay more - so 70% of those home owners, if they deduct taxes from their income returns, would be impacted.

The highest tax bill for newly purchased homes was $31K/year. 

Dec 02, 2017 10:14 AM
Ambassador
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Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     People who can afford a house in that price range, are not going to worry about a few thousand extra dollars in Federal Income Tax.

   Average real property taxes on principal residences in Tallahassee / Leon County are way under $10K.  It won't upset anybody here.

Dec 02, 2017 11:07 AM
Rainmaker
3,420,135
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding and Marketing

Bruce,

Since we work all over the US, we hear this is going to impact many Eastern states, CT, NJ, NY.   There will be people moving to states without state tax, like Florida, NV, Wyoming, etc...So those states will benefit with the influx of the wealth that will move out of those states.  Our  CA house taxes are 1.125%.  We shall see what happens.  A

Dec 02, 2017 09:41 AM
Rainmaker
2,099,069
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

It will affect some and not others. But we needed to bite the bullet in terms of tax reform at some point or another and it's never a perfect solution for all.

Dec 02, 2017 12:52 PM
Rainmaker
2,517,827
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Huge negative impact here.  Avg house = $850,000.  Property tax is VERY high - one of highest in country, too and income tax very high.  So, a triple loss.

It's a tax INCREASE here for more than 50% of people here (I think they calculated 60% would see increase).

I would expect this to decrease property values.  It will also decrease over spending money on home improvement, shopping, restaurants, etc.

The problem w/ all of this is cost of living is not taken into a account, so some places see a decrease and others and increase...without even considering the politics.

Dec 02, 2017 01:30 PM
Rainmaker
445,509
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

It will have very little impact on my market.

Dec 02, 2017 10:27 AM
Rainmaker
2,372,290
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

There will be some unhappy campers, but in the Chicago area real estate taxes are very high with many residences exceeding $10,000.

Dec 02, 2017 10:26 AM
Rainmaker
200,914
Dennis Swartz
Rickert Property Management - Columbus, OH
ABR, CRB, CRS, GRI, CMCA, MBA...experience counts!

Almost no effect here.

Dec 02, 2017 09:17 AM
Rainmaker
882,062
Corinne Guest, Managing Broker
Barrington Realty Company - Barrington, IL
The Choice of Professionals

$10,000 tax in my area is just about any house over $350k. Illinois residents are leaving because our taxes are so high, like NJ. It's a tough pill to swallow to throw out over $1k a month for my taxes. The only saving grace is most goes to the schools and our district pulls in people so the home values go up, and then the taxes go up, and so on. Honestly we are used to it so not sure it's going to make much difference.

Dec 02, 2017 09:02 AM
Rainmaker
2,778,747
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

The impact doesn't matter as much as the spin by both sides.   

Dec 02, 2017 09:01 AM
Rainmaker
539,723
Richard Bazinet /MBA, CRS, ABR
AZuRE Team - Realty ONE Group - Scottsdale, AZ
Phoenix Scottsdale Real Estate

Mostly none. 

Dec 02, 2017 09:01 AM
Rainmaker
3,941,599
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

very little impact in my area..... luxury homes only....very small percentage of the marketplace...

Dec 02, 2017 03:15 PM
Rainmaker
2,190,025
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

What comes to my mind on this meaningful tax change is the morale of the country will break records causing good fortune for all in many categories. Real Estate will prosper, business will grow and money will change hands

Dec 02, 2017 02:33 PM
Rainmaker
359,069
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Dec 03, 2017 11:50 AM
Rainmaker
626,373
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

In CT we are in a high property tax area plus we have state income taxes. The wealthier sector won't be affected, the middle class will suffer.

Dec 02, 2017 09:17 PM
Rainmaker
2,434,339
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

I am with Bob Betel here ... as I understand it house and senate have two different bills ... and are supposed to come together.  That alone suggests to me that a new plan will move forward ... as they cannot seem to agree on anything. 

We estimate property taxes as 1.125% of the sales price. 

Dec 02, 2017 03:04 PM
Rainer
114,961
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

The Senate has one bill and the House has another They need to come together before anything happens. Interest deduction will be an issue for those higher properties, but not to the point where it's going to matter. I'm waiting to see what happens first before I make my opinions know. We don't know what is in it besides that. Maybe more surprises to follow.

Dec 02, 2017 02:28 PM
Ambassador
1,838,008
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Very little. The doubling of the standard deduction will have a much greater impact on a lot more people in my area.

Dec 02, 2017 12:46 PM
Rainmaker
4,265,147
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

We need to wait for the final wording. This bill is only good for high income people.

Dec 02, 2017 09:22 AM
Rainmaker
1,294,208
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

Yeah, well that's in IN. Here in IL we have sheds that are taxed at 10K. Just follow along in Dupage county here. Since it's only 2 days since the announcement -  it's got a long road ahead & either Senate or House has to blend their bills.

Dec 03, 2017 05:50 AM
Rainmaker
2,612,450
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Candice A. Donofrio nailed this one!

Dec 03, 2017 03:23 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Lots of tax raises for most of us built into this tax cut for the wealty, I wonder of the payoff that they got will be worth it for them.

Dec 02, 2017 09:42 PM
Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

won't have an impact on tax payers in my market.  The 5 out 8 vs. 2 out of 5 years... will impact some young buyers who weren't planning a 5 year stay.  Not happy about that, but so be it.

Dec 02, 2017 05:18 PM
Rainmaker
2,237,191
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Except for a few it will have no impact in my area

Dec 02, 2017 01:21 PM
Rainmaker
498,335
Sean Casey
Patterson-Schwartz Real Estate - Newark, DE
Greenville, Hockessin, Newark & Bear Homes

I think we will need to wait and see.

Dec 03, 2017 04:40 PM
Ambassador
3,363,977
Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

I think there are a good number of homeowners with homes at the median price here where property taxes are less than $10,000. On average taxes are 1.25%. We'll see.

Dec 03, 2017 07:26 AM
Rainmaker
2,447,253
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Here in NH it will not affect many if any with homes under $500,000. The average home sale is around $250,000 with taxes around $5000. 

Dec 03, 2017 05:52 AM
Rainmaker
599,065
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

This bill isn't baked yet.

Before we get to carried away, let's see what the coming weeks bring.

Modifications to the proposed tax reform.

Hysteria from Nancy Polosi and the Obama camp.

Dec 03, 2017 05:51 AM
Ambassador
3,362,725
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

It will not affect many negatively in my market.

Dec 02, 2017 09:55 PM
Ambassador
2,225,595
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I think many believe that those taxes that you cites ARE the amount saved, Bruce. It's really only the portion of taxes that you would pay on that amount, thus only about 1/4th of the state/local/RE taxes.

I believe it will be good for America - good for large and small businesses, freeing up additonal money to hire more people or put money back into the economy. In the long run, I believe it will have a positive impact on local, state and national economies.

Dec 02, 2017 09:44 PM
Rainmaker
1,212,569
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

I do not believe it will change a lot. If someone is paying 1mln+ for the home, or have multiple homes, they probably have tons of other deductions they can discuss with their CPAs.

Dec 02, 2017 09:43 PM
Rainmaker
3,329,485
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Not much at all

Dec 02, 2017 09:17 PM
Ambassador
1,231,869
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

let's see what happens with a final bill first.

Dec 02, 2017 08:28 PM
Rainmaker
346,513
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

They set the bar high enough that it should have little to no impact on any of my clientele. 

Dec 04, 2017 09:45 AM
Rainmaker
2,214,908
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Bruce Walter it might impact some higher priced homes.

Dec 03, 2017 01:44 PM
Rainmaker
229,231
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

There will be some which will not have all their property taxes deducted in our market, but I doubt this will keep the wealthy from buying homes.

Dec 03, 2017 01:12 PM
Rainmaker
492,288
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

The federal government should not be subsidizing states with high taxes. This is a positive change and I'm glad to see NAR lose on this issue.

Dec 03, 2017 07:32 AM
Rainmaker
1,279,997
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Bruce Walter I heard the other day that 95% of middle class earner don't itemize. At least in my area, I don't think it will have a very big impact unless you live in a high priced luxury home.

Dec 03, 2017 06:41 AM
Rainmaker
3,925,426
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I don't think it will be positive.

Dec 03, 2017 06:15 AM
Rainmaker
3,222,395
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Our taxes are not that high here in Denver, but sure it will affect the East Coast.

Dec 05, 2017 01:30 PM
Rainmaker
2,364,540
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Time will tell if both sides agree on this.

 

Dec 05, 2017 11:20 AM
Rainmaker
3,706,586
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you.

Dec 03, 2017 04:06 AM
Rainmaker
784,695
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Ouch. Our NAR fees went to a loser's pocket.

In our area, the mortage exemption (500K cap) will have a more pronounced effect. Got a real modest home that seems to be better than living in an apt.  $1.3M listed $1.175M 3/2/1200 sf on 4800 sf lot on a busy street. The property tax will be ~$16,250.  The 1.08M jumbo mortgage interest rate will have a more pronouced effect than tax cap. First year they pay only $34,440 in interests. 

The new home owners do not seem to mind. They will attend Foster Farm Bowl at 49 statdium go Boiler Maker.

Dec 07, 2017 07:24 AM