Tax increases could force home sales, survey finds
As Congress debates tax reform and which deductions to remove, a majority of homeowners from both parties worry that rising property taxes could force them to sell their house.
Over 54% of those that identified as a Democrat and 52% of Republicans feared that rising property taxes could push them out of their homes, according to Zillow's Housing Aspirations Survey.
A nearly equal amount of Democrats (51%) and Republicans (50%) say their community's property tax rate is unfair to them.
When asked if those property taxes are unfair to higher-income households, 39% of Republicans and 35% of Democrats agreed.
At the other end of the spectrum, 67% of Democrats but just 54% of Republicans said their community's property tax assessment was unfair to low-income households.
The rank and file of both political parties state in nearly equal numbers that owning a home is necessary to live the American dream.
Approximately 69% of Republicans and 65% of Democrats agreed with that statement, while 73% in each group said that owning a home increases the person's standing in their local community.
"In a time of political division, these survey results remind us of something most Americans share — the sense that owning a home is a big part of living the American dream," said Zillow Chief Economist Svenja Gudell in a press release.
"Homeownership — and its ability to create wealth, stability and community — doesn't depend on political affiliation. As we debate the national and local politics surrounding affordability and tax reform, it's worthwhile to pause and remember a value most of us can agree on."
Zillow surveyed 10,000 renters and homeowners in 20 metro areas for this survey.