Hot Topic Alert: State and Local Tax Deductions
Hot Topic Alerts are occasional reports that highlight important trending real estate issues in state legislatures. The data contains a concise summary of information on a topic that has generated attention over the past six to twelve months. Hot Topic Alerts will include advocacy efforts of local REALTOR® associations. The latest alert has to do with state and local tax deductions.
“Property taxes imposed by state and local governments can be a serious burden on homeowners. The average American household has an annual property tax bill of $2,089. But there is one way homeowners can feel better about property taxes: Section 164(a)(1) of the Internal Revenue Code allows taxpayers to take a deduction for real estate taxes paid to state, local, and foreign governments.”Read the report
Source: National Association of Realtors