Whether or not the intent of Congress was to punish blue states, it behooves those of us who live in one to make our voices heard. In the way that property owners who bought in an area that gets impacted by some governmental project are usually compensated for any decrease in value, it seems as though people who bought with mortgages and property taxes that were deductible fully should be protected to some extent going forward.
What is it going to take to make that happen? We Realtors have already been contacting our Congressional representatives, but we don't have the same impact as "real" homeowners do. So make your voices heard! Let Congress know that Connecticut, while it has problems it must find a will and a way to solve, will be harmed disproportionately by the bill as it stands. This is because we have high property taxes, but also income taxes that will not be deductible, either. As we know, anything that impacts a potential buyer's cash flow, be it mortgage rate increases, tax issues, or other circumstances, will affect what such a buyer will be willing and able to pay for the home. We need time to address our pension and deficit issues, before we adjust to a changing tax climate. Please contact our representatives, but get others in different places to contact their Congresspeople as well. After all, we don't want our State's hole to be dug any deeper, nor our taxpayers to suffer more than those in other areas. Act now!