Report: GOP Tax Bill To Impact AZ Residents Higher Than U.S. Average
The GOP tax plan is likely to be voted on in Congress this week.
The legislation will impact homeowner mortgage interest and property tax deductions for thousands of Arizona residents.
The reconciled version of the tax bill sets a cap for mortgage interest deductions on home loans valued at $750,000.
According to Daren Blomquist, senior vice president of ATTOM Data Solutions, approximately 4.1 percent of Arizona residents will be negatively impacted by the proposed changes.
That number is slightly higher than the national average of 3.9 percent.
“There will be more concentrated areas within Arizona that have a lot more of these high-end homes and we could see some weakness in those markets," he said. "I don’t expect this to derail the housing market or home price appreciation but it could slow it down.”
With respect to property tax deductions, Blomquist said taxes are already low comparably, however, about 10,800 residents will be penalized by the new deduction cap of $10,000.