Subject: homeowners Comment: The committee should consider limiting the homeowners tax exemption ($250,000/$500,000)to once after age 55. Home sales prior to that age can be treated like a 1031 deferred tax exchange. Current tax laws have caused real estate values to become inflated, increase real estate speculation and make home building more expensive. It also favors the wealthier (the average home price is still in the $250,000 range)tax payers. We are already struggling with affordable housing issues now. Our homes are becoming commodities to be traded on the market like stocks. It is time to change this section of the tax law. |