The plan would allow homeowners to deduct interest payments only on the first $500,000 of new mortgage loans and would trim the amount of property taxes a homeowner can deduct to $10,000 from $15,000.

Alan Lev, president and CEO of Belgravia Group, said he doesn’t think the proposed change to the mortgage interest deduction will have a huge impact, especially on those buying a $1 million home. To read all of Lev's comments, access the full article, GOP's proposed tax plan could hit Chicagoans in areas with high property taxes.