Update on Tax Reform – As we reach the 2-year anniversary of the Tax Cuts and Jobs Act, it’s time to assess its impact on the housing market. Two of its more controversial provisions limit the deductibility of State & Local Taxes (SALT) to $10,000 and mortgage interest to a maximum loan balance of $750,000. In high tax states like New Jersey, and New York, this has caused quite an uproar including predictions of Armageddon and that the ‘The Sky is Falling’. And yet, despite the extensive media coverage and commentary, there remains more confusion than clarity as to the consequences for home purchase demand.
Sorting Out Fact from Fiction! – To assist market participants, we’re hosting a workshop to focus solely on this critical issue so you can educate your customers, clients and organizations on what this means for housing. Here’s a sampling of what you’ll learn at this can’t miss event:
- The Facts of the Matter: As a starting point, we’ll lay out the details of the tax law changes, in simple terms so, you can understand it, and explain it.
- Impacts on the Cost of Home Ownership: We’ll take you through a series of analytics to explain how the provisions of the new law will affect the entire spectrum of the market, from first-home buyers with limited income all the way up to the luxury market with its higher property taxes, mortgage balances and incomes.
- Vacation Homes: The SALT limitations also take aim at 2nd home ownership, which is a critical demand component along the ‘Jersey Shore’, and elsewhere. Learn about the new law’s effects on this important submarket.
- Effects on Home Prices: I’m sure you’ve read the headlines by now…some of which make the claim of falling home prices in high-tax markets like New Jersey and New York. We’ll quiet down all the hysteria by sorting out ‘fact from fiction’ as to the effects on the single most important financial investment of a lifetime.