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I hope not. Judy<br>
<br>
On 01/26/2012 01:40 PM, <a class="moz-txt-link-abbreviated" href="mailto:langwidge@comcast.net">langwidge@comcast.net</a> wrote:
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<p class="ecxMsoNormal"><span style="font-size: 18pt;"></span></p>
<p class="ecxMsoNormal">Would someone on the list comment
on the likihood of the governor doing away with the home
mortgage deduction in Maryland.</p>
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<p class="ecxMsoNormal">Christine</p>
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<p class="ecxMsoNormal"><b><span style="font-size:
13.5pt;">Mortgage Interest Deduction May b
Eliminated In Maryland </span></b></p>
<p class="ecxMsoNormal"><b><span style="font-size:
13.5pt;"></span></b><span style="font-size: 13.5pt;">by
Joe Alero 1/24/2012 <a moz-do-not-send="true"
href="http://sbynews.blogspot.com/" target="_blank">sbynews.blogspot.com</a></span></p>
<p class="ecxMsoNormal"><span style="font-size: 13.5pt;"></span><span
style="font-size: 18pt;"></span> </p>
<p class="ecxMsoNormal">Governor O’Malley announced his
budget proposal which will reduce the deductions of all
Marylanders who itemize and make more than $100,000.
Most heavily impacted is the Mortgage Interest
Deduction. <br>
<br>
Instead of introducing the proposal as a separate bill,
where it would have a hearing at which MAR could
testify, the Governor is including it in BRFA, the
Budget Reconciliation and Financing Act, which means
that there will be no hearing or testimony on this
specific provision. The proposal to reduce deductions
for Maryland taxpayers will disproportionately burden
Maryland homeowners.<br>
<br>
The two most important deductions for Maryland
homeowners are the mortgage interest deduction and state
and local property tax deduction. <br>
<br>
Over 50% of Maryland taxpayers itemize, the highest
proportion in the country. Maryland has the highest
percentage of taxpayers, almost 38%, claiming the
mortgage interest deduction. The mortgage interest
deduction and real estate taxes account for almost 70%
of total deductions for Maryland taxpayers. In 2008,
almost 1.1 million Maryland taxpayers claimed the
mortgage interest deduction. That same year, over 1.1
million Maryland taxpayers deducted property taxes.
Real estate accounts for over 20% of Maryland’s gross
state product.<br>
<br>
Housing and real estate are one of the most heavily
taxed sectors of the economy, and Maryland has one of
the most aggressive real estate tax structures in the
country. Maryland property owners already carry a
significant tax burden, contributing the majority of
revenue to local jurisdictions as well as 4.6% of state
tax revenues. The average percentage of state tax
revenue from real estate nationally is only 1.8%.<span
style="font-size: 18pt;"></span></p>
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