Property Taxes and Deductions
When you own a home or parcel of land, property taxes literally come with the territory. Property taxes fluctuate greatly from town to town, and payment policies vary from lender to lender. Given this variation, potential home buyers should carefully consider property taxes as an additional, ongoing expense of home ownership. But owning a home can also be a huge benefit at income tax time. Many expenses related to owning a home, such as mortgage interest and eco-friendly upgrades, are deductible and lower your overall tax burden. Below you'll find tips on using your home as a tax shelter, in-depth information on property taxes, and helpful resources from the Internal Revenue Service (IRS).