Tax Benefits for Property Ownership

NAR supports the enactment of a meaningful tax credit for homeownership for those who do not currently benefit from the mortgage interest and real property tax deductions because they no longer itemize their deductions. Tax changes enacted in 2017 reduced the previously available homeownership tax incentives to only about 10% of households, which prevents many middle-income, minority and millennial households from realizing a direct tax benefit for owning a home.