Proposed Tax Changes Undermines Homeownership
REALTORS Oppose Devastating Tax Plan

November 2, 2005 - West Babylon, NY - The over 27,000 members of the Long Island Board of REALTORS® (LIBOR) vehemently oppose any attempt to alter the current tax treatment of mortgage interest and property tax deductibility.

The REALTOR® association believes that the Presidents’ Tax Reform Panel proposed tax changes are ill-conceived and would undermine homeownership opportunities.

The housing industry, which has driven and sustained the economy for the last five years, could be seriously impacted by the proposed tax reforms. By reducing the deduction on mortgage interest and property taxes, as well as state and local taxes – the financial stability of many Long Island families could be grossly compromised. Moreover, consumers’ nest eggs will be jeopardized because much of investment for retirement is tied to the equity consumers have in their home.

LIBOR President Marian Fraker-Gutin says, “We urge all Long Islanders to contact their Congressional representatives to oppose these tax proposals or the current tax benefits associated with homeownership will be greatly reduced. These proposed changes are bad for buyers, harmful to sellers, and hurtful to families. It is potentially devastating to our local economy when you consider all the goods and services that local businesses provide to homeowners.”