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

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Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://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
1,052,211
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
1,543,823
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

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
Ambassador
2,436,099
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

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
2,684,109
Fred Griffin Florida Real Estate
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
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

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
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte 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
2,817,671
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
544,014
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (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
5,216,409
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

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
Rainer
213,263
Dennis Swartz
Full Circle Property Management - Columbus, OH
MBA, GRI...experience counts!

Almost no effect here.

Dec 02, 2017 09:17 AM
Rainmaker
4,572,183
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

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

Dec 02, 2017 09:01 AM
Rainmaker
716,049
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Mostly none. 

Dec 02, 2017 09:01 AM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

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

Dec 02, 2017 03:15 PM
Rainmaker
2,781,173
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
2,220,654
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Dec 03, 2017 11:50 AM
Rainmaker
900,128
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
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

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
225,526
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
2,161,048
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
7,836,139
Roy Kelley
Retired - Gaithersburg, MD

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

Dec 02, 2017 09:22 AM
Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

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
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Candice A. Donofrio nailed this one!

Dec 03, 2017 03:23 AM
Ambassador
6,393,494
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - 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
3,164,294
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
3,626,530
James Dray
Fathom Realty - Bentonville, AR

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

Dec 02, 2017 01:21 PM
Rainmaker
542,913
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
5,049,450
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

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
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area 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
921,504
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
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It will not affect many negatively in my market.

Dec 02, 2017 09:55 PM
Ambassador
5,230,102
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

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
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas 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
3,986,258
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
Rainmaker
1,712,676
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
758,035
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
4,160,899
John Pusa
Glendale, CA

Bruce Walter it might impact some higher priced homes.

Dec 03, 2017 01:44 PM
Rainmaker
711,852
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
599,274
Nathan Gesner
American West Realty and 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
1,466,207
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
4,800,082
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
2,071,025
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Hope it will help us live better.

Dec 02, 2018 05:54 PM
Rainmaker
1,598,452
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Interesting information. 

Dec 02, 2018 05:27 PM
Rainmaker
5,868,554
Joan Cox
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
4,936,705
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
4,434,127
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
1,239,901
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