Property Tax Deductions Explained, with updates on impact of the GOP tax plan

Property Tax Deductions Explained, with updates on impact of the GOP tax plan

Mortgage interest isn't the only deduction available to homeowners, your taxes are too.

The property tax deduction was created to incentivize home ownership and eliminate "double taxing," or taxing income that's already been taxed. Using the deduction, homeowners are exempt from paying tax on income that's used to cover property taxes for a home. These proposed changes adversely impact the affordability of housing options in cities like Boston, where housing costs are high.

GOP Tax Plan

The now passed GOP tax plan will  limit state and local deductions up to $10,000. 

What You Can Do

If you normally take a higher than $10,000 state and local tax deduction, pay one or two quarters of your 2018 property taxes in 2017 under the current tax laws before the GOP plan goes into affect in 2018.