Dorene Parker

Cindy Kissinger

229-886-0234

229-347-3440

Alisha Hicks

229-347-3005

PARKER Real Estate Group, LLC

 Tax Benefits of Homeownership

 

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.

 

Assume:

 

$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)

$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)

______

 

$12,577 = Total deduction

 

Then, multiply your total deduction by your tax rate.

 

For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56

 

$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)