Skip to content
Home » Valentine's Day » Can you claim up to $10,000 in property tax credits for homeowners and renters?

Can you claim up to $10,000 in property tax credits for homeowners and renters?

Property taxes are a burden for most homeowners and renters.

property tax

Property taxes are based on property value, not the consumer’s ability to pay it.

Ten easy ways to make an extra $100 a week online

Property tax deductions

Over the last two years, your property taxes have likely increased, However this may be problematic because your income may not have. In order to help you cover the cost of property taxes, you can make some deductions. Additional details can be found here.

Homeowners have a pretty broad range of deduction and exemption options. Renters on the other hand really only have one option.

If you rent, check your lease to see if you contribute to the owner’s property taxes. If you do, you can deduct that part of your rent on your taxes.

The IRS allows homeowners to deduct up tp $10,000. This is in combination of property taxes, income taxes, and sales taxes.

State specific rules

Lincoln Institute of Land Policy has an online tool to sort qualifying conditions by month. This will help you find out which deductions are available to you.

Your local tax agency could also help you see what tax breaks are being offered.

Homestead exemptions are the most widely applicable. However, the qualifications vary from state to state.

Stimulus: Surprise checks worth $2,000 help Americans amid inflation

Categories: News