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Realtors say capping tax deductions for mortgages would hurt market
Few in Annapolis want new taxes proposed by Gov. Martin O’Malley to be levied against Maryland citizens, and now state Realtors are saying the governor’s plan to cap itemized tax deductions on wealthy homeowners would further damage an already weak housing market.
The Gazette reported Monday that real estate agents across Maryland warned that doing anything to change tax deductions available to homeowners ought to wait until a recovery is complete.
O’Malley’s budget calls for itemized deductions to be reduced by 10 percent for people making over $100,000 a year and 20 percent for those making over $200,000 a year.
The move is part of the governor’s plan to eliminate a projected deficit of $1 billion.
Hundreds of Realtors are expected to descend upon Annapolis to protest the proposal 9 a.m. Wednesday, The Gazette reported.
It would appear the tax wars have begun.
