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March 9, 2017

Oregon Homeowners Beware - HB 2771 + HB 2006

Double Trouble: HB 2771 + HB2006 - together - are potentially devastating for ALL Oregonians who either own a home (or second home) or are hoping to buy a home (or second home) in the state. Lawmakers float property tax bill by removing mortgage interest deduction for non-owner occupied homes. By Taxpayer Association of Oregon Lawmakers float property tax bill by removing mortgage interest deduction for non-owner occupied homes. By Taxpayer Association of Oregon

"The House Committee on Revenue and the House Committee Human Services & Housing are hearing arguments on bills that would seriously undermine or eliminate homeownership incentives in Oregon."

HB2006: 

Lawmakers float property tax bill by removing mortgage interest deduction for non-owner occupied homes.

House Bill 2006 would strip away the mortgage interest deduction for all non-owner occupied homes.   This would be a colossal tax on people with second homes and rental property.  Ironically, politicians wish to make life more affordable for renters while simultaneously skyrocketing the property taxes of the rental property. Once again, the bill’s sponsor is anonymous.

HB2771:

The bill raises income taxes on every homeowner earning $50,000/annually

The bill raises income taxes on every homeowner earning $50,000/annually, and completely eliminates the ability to deduct property taxes for people who earn $125,000/annually or $250,000-plus when married and filing jointly. Others may deduct only a percentage of their property taxes, the rates of which would be determined by how much income they earn above $50,000, or $100,000 filing jointly. So we ask, "Why should homeowners have to pay taxes on money they already sent to local governments to pay their property taxes? Is HB 2771 truly a tax on a tax?"  

The Good News

These are hearings and the bills have yet to become laws. But...

"These bills that the state Legislature is going to be debating potentially will impact every homeowner in Central Oregon," Lynnea Miller, owner of Bend Premier Real Estate. said Wednesday. "One of the impacts is for property tax deduction, the other is mortgage interest deduction."

 

The Bad News

Even if these bills do not pass they continue to come up. In all likelihood if the bills die, they will be rewritten and resubmitted. Consistent attempts to undermine homeownership incentives in Oregon are never a good thing. Unfortunately, the bills - though they may not pass this time - are probably not going away anytime soon and will eventually be passed into law.

It's only a matter of time.

"Why pay the taxes of Portland when you can live next door and have part of your home paid for by your tax savings?"

 

The Other Good News

Washington state (Oregon's neighbor to the north) will maintain it's ability to deduct property taxes and The Mortgage Interest Deduction. So we ask, "Why pay the taxes of Portland when you can live next door and have part of your home paid for by your tax savings? Especially with Clark County being minutes away! The other other good news? Ridgefield, Washington is 30-40 minutes from Portland, Oregon and maintains some of the lowest property taxes in Clark County. We are currently busy developing new communities in Ridgefield for many reasons. It's beautiful! It's Peaceful (!) It's accessible! And it's economically sound!

Ridgefield: In a nutshell— We love it and we think you will too. (not just because of the low taxes either)

One of our favorite new communities is The Meadows at Whipple Creek. Details below: The Meadows at Whipple Creek - Gated + Secluded Community in Ridgefield, Wa - Truly a place of peace The Meadows at Whipple Creek - Gated + Secluded Community in Ridgefield, Wa 

A hidden, green-belted and gated community boasts large, flat estate lots. This highly desirable neighborhood is located in SE Ridgefield bordering the area of Mt Vista, Wa.

This location boasts a true trinity of amenity, the lower property taxes associated with a Ridgefield address, the proximity to Mt Vista trails and views, and finally the shopping of Salmon Creek.

That means it's only 5min to the Hospital, Starbucks, and Shopping. This area offers block-buster events (Clark County Event Center and Sunlight Supply Amphitheater) peaceful nature excursions (Whipple Creek and Vista Meadows) healing connections for every member of the family (Legacy Salmon Creek Hospital, Women's Clinic, The Vancouver Clinic and The Mountain View Veterinary Hospital) a collection of local wineries (Confluence, Three Brothers, Village Vineyard and East Fork Cellars) a distillery (Double V) and a small collection of eclectic restaurants and cafés including the health-minded and philanthropic freshii.

These features coupled with immediate access to I-5 and I-205 make trips to Portland or the WSU Vancouver Campus a cinch with a drive-time of 30 minutes and under 10 minutes, respectively.

Whipple Creek Hollow - Clark County Legacy Lands Whipple Creek Hollow - Clark County Legacy Lands

On the southern border of this community is the Whipple Creek Hollow natural area. This natural area is 40 acres of beautiful forest just north of the City of Vancouver. The site is part of the greenway system along the Whipple Creek. Additional greenway extends south to the future Salmon Creek Community Club Neighborhood park. The creek corridor was restored in 2010 to repair the eroded banks. The result is a gentle rock-riffle creek with lots of logs and new native plantings to hold the banks in place. The mature forest and small wetland in the uplands provide a habitat for a wide variety of wildlife as well as spring wildflowers. For more information about Clark County Legacy Lands click here.

The Meadows at Whipple Creek - Gated Community

"Would you rather: Spend 25 more minutes on your commute - OR - spend $25,000 more on your house every year?"

Story sources: Oregon Association of Realtors Taxpayer Association of Oregon KRISTENA HANSEN, Associated Press KTVZ.com

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