June/July 2017 Newsletter

By August 2, 2017Newsletter

House Bill 2004 (Landlord Tenant Ruling)

In the midst of a housing crisis in many parts of the state, HB 2004-B, was intended to address increasing rents and limited supply of rental units. Although well intentioned, the bill presented numerous unintended consequences that would have made the situation worse. Rather than focusing on increasing supply of housing, the bill would have made it more difficult for existing landlords and would have significantly stifled the development of new multifamily units.

While the bill’s allowance for San Francisco style rent control provisions were removed in the Senate, the bill lacked the votes for passage from the Senate.

 

House Bill 2006 (Mortgage Insurance)

Since the State of Oregon has such a reliance on income tax, the mortgage interest deduction is tied to the federal code. The code allows an individual to deduct the interest payments on no more than $500,000 of total mortgage debt or $1,000,000 of indebtedness for joint filers.

House Bill 2006 would have eliminated the MID for individuals making $100,000 or more ($200,000 for joint filers). HB 2006 would have also capped the amount of interest that could be deducted for those individuals making under $100,000 ($200,000 for joint filers) at $15,000 on their primary residence. In addition, the bill would have eliminated the MID for second homes. This bill died on the Senate floor.  This bill- if passed- would have made it very hard for buyers to qualify and in looking at it from the selling point- would have hurt the current sellers as this would have scaled down the amount of buyers that could purchase homes.

House Bill 2771 (Eliminating the Deductibility of Property Taxes)

House Bill 2771 would have phased out the itemized deduction for real property taxes for incomes between $50,000 and $125,000 for single taxpayers and between $100,000 and $250,000 for joint taxpayers. In addition, the bill would have eliminated the ability to deduct property taxes for single tax payers making $125,000 or joint tax payers making $250,000 or more in a year.

When itemized deductions exceed the standard deduction, Oregon taxpayers have the option to itemize deductions. Despite the inequities in Oregon’s property tax system, it provides predictability for Oregon homeowners. We understand that property tax reform is a difficult task, but we need property tax reform that still provides predictability. A bill like HB 2771 distracts from the larger issues that need attention.

There is little connection between property taxes paid, a home’s real market value and a taxpayer’s ability to pay. HB 2771 would have exacerbated the inequities in the system.

Looking to paint your house this summer?

My husband and I are going to paint the exterior of our house and we can’t seem to agree on what the colors look like.  We discovered a great app that seems to help our dilemma.

www2.bejaminmoore.com

Hot Hot Hot

With this heat that is here, our AC units are running non-stop.  I know mine is. When was the last time you had your unit serviced?  This should be done on a yearly basis (both heat and AC units). This will not only assure things are working properly, it could help with keeping your monthly utility bills lower as well.  It’s never fun to have 100 degree days and no AC or freezing and no heat.

Monthly Giveaway

Thank you all for helping us not only keep business going but continue to grow!  Keep looking for our newsletters as there will be monthly giveaways for you.  There are so many of you that have helped us- yet we can only do a set amount so please understand that it will be a first come situation.

Email:  belandshirley6@gmail.com

JULY GIVEAWAY!

BBQ Baskets!!  To the first 10!!  Baskets filled with goodies to use at your BBQ or someone else’s. Please email for your gift- Say Giveaway in subject line.

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