LETTER TO THE EDITOR: Delaware realty group stands opposed to HB 240

The following is a letter sent to Delaware House of Representatives Revenue and Finance committee members:

Committee members,

My name is Bruce Plummer and I am the 2017 president of the Delaware Association of Realtors, a trade Association that represents over 3,800 realtors from across the state.

The Delaware Association of Realtors stands opposed to HB 240 as it is written. This bill would gut the Mortgage Interest Deduction (MID) and the property tax deduction for all Delawareans.

Removing these important homeownerships benefits would damage the financial well-being of thousands of hardworking, middle-class families in Delaware and could severely impact their ability to remain in their homes, fund their retirements, and send their children to college.

According to the Delaware Department of Finance, approximately 120,000 Delaware tax returns used the Mortgage Interest Deduction alone, making Delaware one of the leading states for people who depend on this deduction.

Delaware is a leader in the United States in another area, we have the second highest foreclosure rate in the country as of May 2017, with 1 in every 753 homes in foreclosure. We ask that you keep this in mind as you consider adding additional burdens to homeowners in the state.

As the President of the Delaware Association of Realtors and supporter of the rights of property owners throughout the state, I call your attention to the impact that passage of House Bill 240 (HB 240) would have on thousands of Delaware’s residents. It is on their behalf that I urge you to carve the Mortgage Interest Deduction and the property tax deduction out of HB 240.

The discussion over limiting deductions is important, but the MID and the property tax deductions should not be part of this discussion.

The Delaware Association of Realtor® respectfully asks that you consider removing these two elements, critical to the well-being of our state, from House Bill 240.

Bruce Plummer, ABR, ABRM, CRB, CRS, GRI
2017 President Delaware Association of Realtors

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