Found 1 blog entry tagged as tax deductions for homeowners.

As a homeowner, understanding property taxes is essential for managing your finances and ensuring your home remains affordable. Property taxes can be confusing, but with the right knowledge, you can take advantage of potential deductions and find ways to reduce your tax burden.

How Property Taxes Work

Property taxes are typically assessed by local governments, and they’re based on the value of your property. The tax is calculated by multiplying your home’s assessed value by the local tax rate. These taxes are used to fund public services like schools, roads, and emergency services.

  • Assessed Value: This is the value of your home as determined by the local tax assessor. It may differ from your home’s market value.

  • Tax Rate: The tax…

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