Congresswoman Lois Frankel (FL-21) and representatives from the Realtors® of the Palm Beaches and Greater Fort Lauderdale recently hosted a press conference to discuss how the proposed tax cuts will impact homeowners in South Florida.
Joining the Congresswoman was John Slivon, President, Realtors of the Palm Beaches and Greater Fort Lauderdale; John Mike, Federal Political Coordinator; Maria Wells, President, Florida Realtors and local first-time homebuyers.
The proposal imposes new limits on mortgage interest deductions and property tax deductions, making the dream of homeownership in communities across America more difficult to attain.
In 2015 the nearly 79,000 homeowners in Palm Beach County who claimed the mortgage interest deduction (MID) saved $2,387 on average. The total tax savings from the MID in Florida’s Congressional District 21 in 2015 was nearly $190,000,000. Additionally, the nearly 96,000 homeowners in the district who claimed a property tax deduction saved $1,397, on average, and the total savings in the district was nearly $140,000,000 in 2015.
If the MID and property tax deductions were eliminated, the loss would not be a one-year event; homeowners lose out on these potential savings every year. The average decline in value in Florida could be 13 percent, meaning a projected loss in home value of $21,900 for the typical homeowner.
The Realtors® of the Palm Beaches and Greater Fort Lauderdale is the 3rd largest local real estate association in the country. As one unified voice, RAPB + GFLR represents 28,000 Realtors®, 30,000 MLS subscribers, and 5 regional boards across South Florida and the Treasure Coast. For more information, visit www.rapbgflrmerge.com.