A common question that many taxpayers ask during tax season, is: are property tax deductible? The answer is – it depends.

What Are Property Taxes?

A charge that property owners must pay annually to their local government to fund various public services.

Rules for Deducting Property Taxes?

You must use the property as the main home.

You cannot claim a deduction for prepaid property taxes.


How Do I Calculate My Deduction?

If you pay $12,000 in annual property taxes and live in a home that is 100% deductible, you can claim a deduction of $12,000.

Read More About Property Tax Deductions

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