MID Facts You Should Know
NAR (National Association of Realtors) Research recently compiled key stats related to the mortgage interest deduction.
» 38.5 million taxpayers claimed a deduction for mortgage interest, deducting a total of $470 billion, in 2008.
» The total tax savings from the MID in the United States in 2008 was $117 billion.
» 42 million taxpayers in the United States claimed a deduction for real estate taxes in 2008, deducting a total of $172 billion.
» The total savings from the real estate tax deduction in the United States in 2008 was $43 billion.
» If the mortgage interest and real estate tax deductions were eliminated, the loss would not be a one-year event; homeowners lose out on these potential savings each and every year. The present value of these lost savings could total $3.2 trillion.
» If the lost tax savings are fully capitalized into the price of houses, the average decline in value in the United States would be 17 percent.