Re: OT Any mortgage smarts people out there?

Posted by Matt from CT on August 11, 2007 at 12:00:50 from (76.232.61.78):

In Reply to: Re: OT Any mortgage smarts people out there? posted by Vern-MI on August 11, 2007 at 09:54:52:

I am not a CPA...but as a general rule property taxes based on assesed value of the property are income tax deductible. So you don't have to earn $15k to pay them.

What won't be deductible is "improvements" -- taxes assessed to pay for "improvements" to a specific property -- paving your road, installing sidewalks, putting in water & sewer lines...when such stuff is financed by taxing only the specific properties affected.

Although not used in my part of the country, other parts of the country I've seen "parcel" taxes...Fire Department gets $50/parcel, Library gets $10/parcel, etc, regardless of the value of that parcel -- 1/4 acre undeveloped lot, Doublewide, 10 acre strip mall...they all pay the same. Those taxes assessed per parcel are *not* deductible.

At least in CT, I'd much rather pay more in Property & State Income taxes then Sales and Tax...I can deduct the first two, I can't the third off my Federal returns.

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