Real estate taxes are annual taxes based on the assessed value of a property and are also tax deductible. You may deduct all property tax payments made on your residence(s) as an itemized deduction as long as that payment is not associated with the expense of a business.
The following white paper outlines a series of tax laws in regards to homeownership: http://www.dh-cpa.com/client_media/files/pdf/2015RefNL_TaxTipsHomeowner.pdf
Need help analyzing what tax breaks you may be eligible for? Davis and Hodgdon Associates CPAs has been assiting nonprofits, individuals and businesses with tax and accounting services in the Burlington Vermont Metro area for more than 20 years. If you have any questions or concerns please feel free to call 802.878.1963 or email [email protected].