What effect will the new Tax Law have on Texas Housing?


In some parts of the country the new tax law is expected to slow the rise of home values. But in Texas, not so much.

Houston real estate agent Michael Weaster says he doesn't expect much of an effect to be felt in Houston.

"Everybody's really afraid of what this new tax law is and I gotta be honest with ya, from what I'm reading,  I don't see anything to be fearful of."

While democrats screamed the tax cuts would signal doom, Weaster says he doesn't think it'll affect the Houston housing market.

"Well, from what I've read and what I understand I don't think it's going to affect Texas at all."

The new law lowers the mortgage deduction limit from a million to 750-grand.

Weaster says since Texas doesn't have an income tax, the only possible effect would be on property taxes.

"From my understanding of what I've read and been told it's really going to affect those states that have been very comfortable over the years with lower property taxes; we know since Texas doesn't have an income tax, we've made up for it with our property taxes."

But Texas property taxes aren't nearly has high as in some of the east coast states, so limiting the property tax deduction to ten grand will be okay for most Texans.


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