Understanding Property Taxes: What They Are and How They Work Property taxes are an important part of homeownership. They are used to fund local services and infrastructure, such as schools, police and fire departments, and roads. Understanding how property taxes work can help you plan for the cost of homeownership. What Are Property Taxes? Property …
Capital Gains and Selling Your Home If you’re planning to sell your home, it’s important to understand how capital gains may impact your taxes. Here’s what you need to know about capital gains and selling your home. What Are Capital Gains? Capital gains are the profits you make when you sell an asset, such as …
Special Assessment Tax: What It Is and How It Works A special assessment tax is a tax levied by a local government to fund specific projects or improvements that benefit a specific area or group of properties. Here’s what you need to know about special assessment taxes. How Special Assessment Taxes Work Special assessment taxes …
Understanding Home Equity Home equity is the difference between the value of your home and the outstanding balance on your mortgage. It represents the portion of your home that you truly own and can use as collateral for loans and lines of credit. Here’s what you need to know about home equity. How Home Equity …
Understanding Principal and Interest in Your Mortgage Payment If you’re a homeowner, you’re likely familiar with the concept of paying principal and interest on your mortgage. However, it’s important to understand exactly what these terms mean and how they affect your monthly mortgage payment. Here’s what you need to know. What is Principal? The principal …
Tax Deductions for Homeowners: What You Need to Know As a homeowner, you may be eligible for several tax deductions that can help you save money on your taxes. Here’s what you need to know about tax deductions for homeowners. Mortgage Interest Deduction One of the most significant tax deductions for homeowners is the mortgage …
Understanding Property Tax Exemptions Property taxes can be a significant expense for homeowners, but there are several property tax exemptions available that can help reduce your tax bill. Here’s what you need to know. Homestead Exemption A homestead exemption provides a reduction in your property taxes for your primary residence. The amount of the exemption …
Is Home Insurance Tax Deductible? Home insurance is an important part of protecting your investment in your property, but can you deduct the cost of your home insurance premiums on your taxes? Here’s what you need to know. Personal Use of Home In general, if you use your home for personal purposes, you cannot deduct …
Claiming Property Taxes on Your Tax Return If you’re a homeowner, you can claim a deduction for your property taxes on your federal income tax return. However, the rules for claiming this deduction can be complex. Here’s what you need to know. Itemizing Deductions To claim a deduction for your property taxes, you must itemize …
New York State School Tax Relief (STAR) Program The New York State School Tax Relief (STAR) program provides property tax relief to eligible homeowners. The program is administered by the New York State Department of Taxation and Finance and is available to homeowners in school districts throughout the state. Eligibility To be eligible for …