REThink Real Estate
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1. Anonymous said... on Mar 21, 2013 at 05:43PM
“The Above Article is Incorrect in saying that:... the property tax is a deduction on your Federal income tax return.Real Estate Tax is only allowed to be a deduction from your income IF YOU ITEMIZE DEDUCTIONS!!!I, like most low to moderate income persons Cannot Itemize because, lacking sources of High expenses that IRS qualifies as Deductible; I do not have the high dollar amount of expenses to make me eligible for an Itemization. So, usually I have to use the Standard Deduction, and that does not allow a deduction for Property Real Estate Taxes.Test it yourself by using what you can be sure your Property Tax will be for next year ( Tax Rate of 1.32% X Assessed Value = Property Tax for Year 2014), unless you file an appeal, and IF YOU WIN THE APPEAL!!!i”
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