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    Lawsuits against realtor association threaten agent commission model

    Lawsuits against realtor association threaten agent commission model

    Higher home prices, mortgage rates means sharp increases for home buyers

    State audit calls Oregon’s mortgage interest deduction ‘regressive and inequitable’

    Measure 6-196: Coos Bay voters asked to fund new library and communications center

    Measure 6-196: Coos Bay voters asked to fund new library and communications center

    Oregon real estate love letter ban hit with an injunction

    Measure 6-196: Coos Bay voters asked to fund new library and communications center

    Measure 6-195: North Bend voters asked for $22.6 million for school improvements

    Measure 6-194: Coos County voters to decide on Charleston area lodging tax

    Coos Bay Council considers property tax exemptions for new multi-unit dwellings

    Coos Bay Council discusses proposed library tax rates

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          Lawsuits against realtor association threaten agent commission model

          Lawsuits against realtor association threaten agent commission model

          Higher home prices, mortgage rates means sharp increases for home buyers

          State audit calls Oregon’s mortgage interest deduction ‘regressive and inequitable’

          Oregon real estate love letter ban hit with an injunction

          Coos Bay Council considers property tax exemptions for new multi-unit dwellings

          Two Oregon bills take aim at air conditioning access

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            Lawsuits against realtor association threaten agent commission model

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            State audit calls Oregon’s mortgage interest deduction ‘regressive and inequitable’

            Measure 6-196: Coos Bay voters asked to fund new library and communications center

            Measure 6-196: Coos Bay voters asked to fund new library and communications center

            Oregon real estate love letter ban hit with an injunction

            Measure 6-196: Coos Bay voters asked to fund new library and communications center

            Measure 6-195: North Bend voters asked for $22.6 million for school improvements

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              State audit calls Oregon’s mortgage interest deduction ‘regressive and inequitable’

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                  Lawsuits against realtor association threaten agent commission model

                  Lawsuits against realtor association threaten agent commission model

                  Higher home prices, mortgage rates means sharp increases for home buyers

                  State audit calls Oregon’s mortgage interest deduction ‘regressive and inequitable’

                  Oregon real estate love letter ban hit with an injunction

                  Coos Bay Council considers property tax exemptions for new multi-unit dwellings

                  Two Oregon bills take aim at air conditioning access

                  Oregon bans certain real estate communications

                  Real estate “love letter” ban faces lawsuit

                  North Bend City Council allows for more middle housing

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                  State audit calls Oregon’s mortgage interest deduction ‘regressive and inequitable’

                  jrangel by jrangel
                  March 20, 2022
                  in Housing, Oregon News, Real Estate
                  0

                  A recent audit of the Oregon Mortgage Interest Deduction labels the tax policy as regressive and inequitable, and paints it as expensive and ill-conceived.

                  The Mortgage Interest Deduction

                  Oregon allows taxpayers to deduct mortgage interest from their state taxes through a deduction known as the Mortgage Interest Deduction (MID). The state MID mirrors the federal deduction, since Oregon uses the federal government’s definition of taxable income. The Tax Cuts and Jobs Act (TCJA) increased the Mortgage Interest Deduction from $750,000 to $1 Million. Taxpayers can claim the MID on their primary residence, as well as on secondary residences. The definition of a residence is rather loose, per the policy, and includes houses, condominiums, and houseboats. The $1 Million (previously $750,000) limit applies to the total amount deducted, not to each residence.

                  The (alleged) inequity

                  The audit calls out Oregon’s use of a MID as regressive and inequitable because of the way it skews towards higher income earners, Oregonians living in urban areas, and white taxpayers. Per the results of the audit, the five counties with the highest MID benefit are, Clackamas, Washington, Deschutes, Columbia, and Multnomah. All five of those counties are classified as “urban.” Coos County ranks 24th, with just under $150 average benefit per taxpayer (compared to Clackamas County, where the average is about $330 per taxpayer).

                  Why the imbalance?

                  The MID is not inherently “regressive and inequitable.” The MID does, however, benefit wealthier taxpayers more than poorer ones. For one thing, in order to take the Mortgage Interest Deduction, a taxpayer must itemize his or her deductions. Itemizing deductions only makes sense if the sum of the items exceeds the standard deduction ($12,950 for a single taxpayer in tax year 2022). Since higher-earning taxpayers are more likely to have more deductions to itemize, they are also more likely to take advantage of the MID.

                  Also, higher-earning Oregonians purchase, on average, more expensive homes. A more expensive home means more mortgage interest to deduct. And, of course, the median home values in urban areas are typically higher than rural areas. Clackamas County homes, for example, currently have a median sale price of $590,000, while Coos County homes have a median sale price of $325,000.

                  The audit’s recommendation

                  The audit doesn’t make a policy recommendation explicitly. Rather it recognizes that the Oregon Department of Revenue’s role is that of a tax administration agency, not an agency that’s responsible for setting state legislative priorities. The audit does state that “Barring Legislative action, the MID, as currently designed, will continue to produce inequitable results.” The recommendations given in the audit are:

                  • Identify a clear purpose for the MID in statute and determine if changes to the design of the MID are necessary to ensure that the identified purpose is met
                  • Identify a state agency that will be responsible for regularly evaluating the MID to ensure it meets its legislatively identified purpose.

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