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Homeowner Deductions and the Property Tax Abatement Process

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Property Owner Tax Info

Cassie Mason

Cassie fosters long-term relationships with her clients who oftentimes turn out to become great friends...

Cassie fosters long-term relationships with her clients who oftentimes turn out to become great friends...

Jan 28 4 minutes read

These Expenses May Be Eligible for a Deduction


Your property taxes. Don’t forget to include any taxes you may have reimbursed the seller for. These are taxes the seller had already paid before you took ownership. You won’t get a 1098 report listing these taxes. Instead, that amount will be shown on the settlement sheet.


The mortgage interest on your primary residence, as well as on a second residence. (There are limits, but relatively few taxpayers are affected.)


The interest on up to $100,000 borrowed on a home equity loan or home equity line of credit, regardless of the reason for the loan.


Points that you paid when you purchased the house (or those that you convinced the seller to pay for you).


The premiums paid for Mortgage Insurance Premiums, but only for policies issued after 2006. Unless Congress renews this deduction, 2016 is the last year it can be claimed. (The right to this deduction disappears as your Adjusted Gross Income rises from $100,000 to $109,000 (or $50,000 to $54,500 for those who use married filing separately status.)


Home improvements required for medical care.

 


Bethel Property Value Abatement Process

First off, it's important to know that market value and assessed value are always going to be different numbers. When I present an owner with their current market value, that amount is a snapshot in time of what the current market represents. I use comparable properties that have closed successfully within the past few months to give the owner an indication of what their home may sell for at that current time. Assessed value is a more stable, or rigid, figure that the town uses to indicate fair taxable amount of your property based on "like properties being treated alike."

While the town does their best to use fair comparable properties, their data is not updated frequently to use current market sales. 

I have been asked many times how an owner can adjust assessed value. An abatement application may be made but it must be done within 185 days of the tax commitment date. To do so, visit the town office or email the assessor. Bringing a copy of your market analysis may be helpful but there are no guarantees. 

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