Did you know that for every two homes sold in Maine, the equivalent of one full time job is created and roughly $25,600 is generated to help grow Maine’s economy?
Tax policy influences and incentivizes financial decisions. The fact that the purchase of a home gives something back to the purchaser in the form of deductions for mortgage interest and property taxes is a powerful incentive and makes home ownership an attractive investment. Take that incentive away and what makes an apartment dweller decide to take the plunge into homeownership? Home ownership is the backbone of the economy, a driving force for jobs, strong communities, stable neighborhoods, and families.
An estimated 53% of homeowners with a mortgage claimed the mortgage interest deduction in 2013. 72% of Mainers own their homes, and 75% of those, at some point have used the itemized state mortgage interest and property tax deductions.
Please help preserve the mortgage interest and property tax deductions for Maine. Don’t make tax policy changes that negatively impact home ownership and second home ownership in Maine.