Homeowner Tips To Reduce Taxes

February 20th, 2015 by: relatedchicago

chicago-real-estate-adviceIf you’re looking to buy a Streeterville condo or house, you may be wondering how it will affect your taxes. While property taxes might send your total tax payments up, there are a number of steps you can take to offset the increase.

Mortgage Interest

Mortgage interest is fully tax deductible on all loans valued at $1 million or less. For larger loans, you will be able to deduct interest on the first million.

Second homes are also eligible for the deduction as long as you actually reside in them. To keep the deduction, you’ll need to use the home for the greater of 14 days of the tax year or for at least 10 percent of the days that you rented it out.

Walk With the Property Tax Assessor

Want to keep your property tax as low as possible? Walk your property with the property tax assessor while pretending that you’re their friend that doesn’t want them to buy Streeterville real estate. Point out defects like old appliances and roof problems to make sure your nice garden and fresh paint don’t inflate their valuation of your home.

Check for Tax Breaks on New Appliances

Each year, federal, state, and local governments offer tax breaks on new appliances to promote things like energy efficiency and reducing pollution. If a new appliance is already on your radar, keep an eye out for available tax credits.

To find out more or to learn about Streeterville homes for sale, contact us today.

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