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GOP Tax Plan: How Wisconsin Homeowners Will Be Affected

Under the new tax plan, the percentage of homes drops to 14.4 percent. Zillow's analysis says that more homeowners are likely to choose to take the standard deduction, which is doubled under the GOP plan. In Wisconsin, the percentage of eligible homes will ...

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Speaker Paul Ryan hailed Congressional approval of the GOP tax bill on Wednesday, calling it "historic" tax reform that will make it worthwhile for American companies to stay in the United StatesMultiple reports say the legislation will impact the housing market and a report from Moody's estimates that provisions in the bill will reduce house prices, causing double-digit decreases in some areas, including parts of WisconsinThe GOP tax plan caps the mortgage interest deduction (MID) at $750,000 and limits the state, local and property tax deduction to $10,000Under current law, interest paid on up to $1 million in mortgage loans can be deducted.Current mortgages are not affected by the tax plan, but home buyers in many Wisconsin counties will be affected by the plan, which Trump planned to sign in a televised ceremony Wednesday afternoon.According to Zillow's analysis, under current law, roughly 44 percent of U.Shomes are worth enough for it to make sense for a homeowner to itemize their deductions and take advantage of the mortgage interest deductionUnder the new tax plan, the percentage of homes drops to 14.4 percentZillow's analysis says that more homeowners are likely to choose to take the standard deduction, which is doubled under the GOP planIn Wisconsin, the percentage of eligible homes will drop significantly, in some cases from nearly 10 percent to less than 1 percentHomeowners in Waukesha, Racine and Dane Counties will get clobbered, according to Zillow's analysisNearly 72 percent of homeowners in Waukesha County will no longer be eligible to take a mortgage interest reductionAbout 68 percent of homeowners in Dane County and 50 percent of those in Racine Counties will be affectedAccording to Moody's, the hit to national house prices is estimated to be as much as 5 percent and the impact is much greater for higher-priced homes, especially in parts of the country where incomes are higher."The Northeast Corridor, South Florida, big midwestern cities, and the West Coast will suffer the biggest price declines," Moody's writes"Counties such as Westchester, NY, Cook IL and Delaware PA will experience double-digit price declines."Image Via Shutterstock.comSubscribe More from Wauwatosa PatchUp next on Wauwatosa Patch Backpage Pimp Sentenced To 30 Years Federal Prison: Police Slenderman Trial: Anissa Weier Sentenced to 25 Years Holiday 2017: Your Last-Minute Gift Guide ga("send", "event", "taboola", "served", "impression", 1, { "nonInteraction": 1 }); if (mobile_detect.is_phone) { window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-b', container: 'taboola-below-article-thumbnails', placement: 'Mobile Below Article Thumbnails', target_type: 'mix' }); } else { window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-a', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' }); } window._taboola = window._taboola || []; _taboola.push({flush: true}); var disqus_shortname = "patchmedia"; var disqus_identifier = "27406878"; var disqus_title = "GOP Tax Plan: How Wisconsin Homeowners Will Be Affected"; var disqus_url = ""; jQuery(document).ready(function() { jQuery('#show-disqus, .btn-comment-now').on('click', function(event){ jQuery.ajax({ type: "GET", url: "", dataType: "script", cache: true }); jQuery('#comments-guidelines').show(); !== 'show-disqus' && jQuery('html, body').animate({ scrollTop: jQuery('#disqus_thread').offset().top - 220 }, 1000); jQuery('#show-disqus').slideUp(); return false; }); location.hash === '#comments' && jQuery('#show-disqus').click(); }); Show Comments Patch Community Guidelines Patch welcomes contributions and comments from our usersWe strive for civil, enlightened discussions on Patch stories and local issuesPlease abide by our posting standards: Be civil No profanity No personal attacks or insults Stay on topic Users who violate our posting rules will have their comments blocked or deletedUsers who flagrantly violate our standards can be banned at the moderator's discretion. × What are Featured Events? 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