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Posted: 4:17 p.m. Tuesday, May 14, 2013
CHARLOTTE, N.C. —
Realtors across North Carolina are warning homeowners they could soon lose out on a major tax break.
They claim new tax reforms would wipe out your ability to deduct taxes on your property.
Right now, in the House and Senate in Raleigh, lawmakers are considering several bills that would bring major changes to the taxes you pay, but also the credits you receive when you file taxes.
The biggest is the mortgage tax deduction.
It can mean thousands of dollars in deductions on your taxes, but Tony Smith worries if it's gone, it would hurt the state's economy.
“My home is not an ATM for politicians,” he said.
Smith leads the North Carolina Association of Realtors and lives in Charlotte.
He said if the mortgage deduction is eliminated, it could also cause serious harm to the housing market.
He believes the end result would keep people from buying homes, and instead renting.
“I would agree that things need to be done, but we're not willing to let that be on the shoulders of the housing sector,” he said.
Lawmakers have said the current tax code needs an overhaul and that it's not competitive with other states in today's economy.
While Smith applauds their efforts to find a solution, he's met with lawmakers to make sure they're not hurting a housing market that's still recovering.
“They're really looking to put together a comprehensive measure soon but, you know, our message is do no harm,” he said.
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