Maryland Home Interest Deduction, As We Know It On The Way Out?
For more information: 800-638-6425
Contact: Debbie Hager
Maryland Association of REALTORS 800-638-6425
MARYLAND HOMEOWNER’S MORTGAGE INTEREST DEDUCTION IN JEOPARDY
“In his recently introduced budget, Governor Martin has proposed to reduce the mortgage interest deduction for many Maryland homeowners,” according to Mary C. Antoun, Chief Executive Officer of the Maryland Association of REALTORS®.“Since 1913, the tax code has protected mortgage interest deductibility. Maryland shouldn’t be the first state to scale back the most important tax benefit homeowners receive,” stated Antoun.”Everyone is well aware of the burdens Maryland homeowners are facing. Many homeowners have watched the value of their homesdecrease. One-fifth of Maryland homeowners are currently underwater, and now homeowners find the one constant reliable tax benefit to owning a home under attack.”If tax deductions are capped, as proposed by the Governor’s budget, many Maryland homeowners will lose some of the value of their mortgage interest deduction and the deductibility of state and local property taxes. “These two principal real-estate related deductions accounted for almost 70% of total deductions claimedby Maryland taxpayers in 2008,” noted Antoun.
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