NC REALTORS® 2017 Legislative Day – Raleigh, NC

North Carolina REALTORS® from across the state convened in Raleigh for the 2017 Legislative Days.  Fayetteville and Sanford REALTORS® met with their delegation to discuss pertinent issues facing the real estate industry.

Hot Button Topics: (from NC REALTORS® memo)

Protect the Mortgage Interest Deduction – Remove the cap on the allowed amount of both deductions on state taxes

Improve the State’s Infrastructure – Improve the requirements on developers to ensure that roads can be brought up to NCDOT standards and to develop a statewide roads database which clearly lists the road’s designation

Private Process Servers – Amend the law to allow for private process servers to be the allowable form of service for summary ejectment proceedings

BUDGET Priorities

Economic Development Funding – Continue the relationship with EDPNC and increase funding options for economic development projects across North Carolina

Workforce Housing Loan Program and Housing Trust Fund – Increase funding

Underground Storage Tanks – Support the restoration of funding for the Noncommercial Underground Storage fund

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During the NC REALTORS® Legislative Forum, REALTORS® heard from consultants regarding the Mortgage Interest Deduction and the financial impact to North Carolina.  The full report will be posted soon.

Study and statistics from the year 2014 in the state of North Carolina

  • Residential and commercial real estate transactions produced 83.8 billion in sales
  • 572,000 have jobs in the real estate industry which produce 24 billion in salaries
  • 1.7 billion in taxes are generated to local municipalities
  • Real Estate is the 4th largest industry in North Carolina (finance, food/beverage/tobacco & healthcare are the top)
  • 23% of homeowners claimed the MID in 2014
  • Produced 10.9 billion in deductions
  • If the MID cap were removed, there would be a $72 million increase
  • Renters from 2011-2015 were 66.5% compared to 63.9% homeowners
  • The average sale price of a home has increased from 197,000 to $228,000
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