Realtors concerned over state senate’s discussion of tax code overhaul
WINSTON-SALEM, N.C. – State lawmakers are discussing overhauling the state tax code.
Currently, four bills have been filed in the State Senate that deal with everything from scaling down your personal income taxes to eliminating tax deductions from property tax and mortgage interest.
“When people are looking to buy a home, [mortgage interest] is a big part of the equation,” said Glenn Cobb with the Winston-Salem Regional Association of Realtors.
Cobb joined realtors from across the state who are visiting lawmakers this week over concerns that eliminating the deductions could hurt the recovering housing market.
“We are afraid taking away the [mortgage interest deduction] actually does increase the price of a home,” Cobb said. “Anytime the price goes up it lowers the number of people who can afford it.”
Cobb says studies have shown the deduction is a factor when people are looking to buy and sell a home.
Lawmakers say these bills are just ideas for now as they address what some believe is an outdated tax code.