Just in my neighborhood, the average home size is 3,500 sq. ft. Oh boy, if this new bill gets passed by the Congress, this is going to hurt us!
The Congress is entertaining once again a bill that affects large homes. The bill would decrease the tax write-offs, meaning mortgage interest, on homes over 3,000 sq. ft. A home over 3,000 sq. ft. will only be allowed to write-off 85% of the interest; 3,200 sq. ft. only 70%, 3,400 sq. ft. only 55%, 3,600 sq. ft. only 40%, 3,800 sq. ft. only 25%, 4,000 sq. ft. only 10% and over 4,000 no tax write off!
This bill has the consumption and dependence on fuels, etc. in mind hoping that the average American will consider living in efficient homes using less energy etc. Many very large luxury homes are still being built in many areas of Austin. The average Austinite still has the large home criteria in mind (over 3,000 sq. ft.) If this bill gets passed, who will want to buy these luxury homes when the average Austinite has a mortgage and will need the tax write off? Yikes! Email your State representative or Senator and voice your opinion today!
