..[H]ere is another measure which the Legislature is now considering which if pushed through will have major tax implications. It is apparently sponsored by Representative Buckley out of Southern Oregon .
House Bill 3663 which will raise taxes on mortgagors with “larger” loans. Ironically at current 30 yr mortgage rates on Conforming or Qualified Residential Mortgages, home buyers and homeowners will see increasing income taxes. Conforming or Qualified loans eligible for Fannie and Freddie financing cap out at $417,000 in Oregon (it’s slightly higher in Multnomah and I think Washington Counties but not by much).
This measure should be opposed from the Mortgage Industries point of view simply based upon the potential increase in a homeowner’s Oregon taxable income and its implications for the sales of “larger” homes as well as restraint on the mortgage originations for those purchases in an already struggling housing and housing finance market environment. Yet this measure has massive implications for homeowners with even relatively modest home loans especially if rates climb in the future.
Tell ’em where you saw it. Http://www.victoriataft.com
