On the surface it may look like the Tax Cuts and Jobs Act is bad for real estate. The reduction in the deductibility of mortgage interest and the combined $10,000 cap on state and local tax (SALT) deductions for income, sales and property, along with the elimination of moving expense deductions would make a compelling argument. But after digging through the fine print, the outcome is that real estate may actually be the big winner.
Everyone Can Lose When There's No Contractor's License
It's official: Despite widespread fears to the contrary, the Internal Revenue Service has clarified that last year's big tax bill did not kill all interest deductions on home equity lines of credit (HELOCs) and equity loans.
I assume that most of you have received your refrigerator calendar in December. As I have been turning the pages on mine, I am reminded how many events have occurred during that short time. Obviously the most dramatic and devastating have been the Thomas fire (the largest ever in the State of California) and the subsequent, massive debris flow which not only swept away homes but took 24 lives.
There has been a pall both literally and figuratively over our community from the beginning of the fire to the present. Everyone was affected whether it was the catastrophic loss of lives or property, the difficulty of getting to work or lack of work. What I noticed was the bonding that was labeled 805strong. We care about each other, we support each other and the community will rebuild. Santa Barbara is still a special, wonderful place to live. And it will remain so.
PS - I have a few extra calendars if you would like another for yourself or a friend.
The California Association of REALTORS® (CAR) is attempting to qualify a ballot initiative, The Property Tax Fairness Initiative, that will restructure the way property taxes are calculated for buyers over the age of 55 (and also the disabled and/or natural disaster victims).
Santa Barbara has been named one of the Top 100 Best Places to Live 2018 by livability.com. The city (No. 30( was up against 2,100 others with populations between 20,000 and 350,000. Among the reasons cities for the ranking were warm weather that allows people to enjoy the outdoors year-around; opportunities to hike, swim and go boating; strong economy; good higher-education schools; abundance of social and recreational activities; and top health care for seniors. But we who live here already know this...!