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<p><strong>Courtesy of Jimmie Van Hooser your REALTOR®  - 931-320-2142 </strong></p>
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<h3><strong>Tax Benefits of Homeownership</strong></h3>
<p><br /> 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.</p>
<p><strong>Assume:</strong></p>
<p>$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest) <br /> $2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)<br /> ______<br /> <br /> $12,577 = <strong>Total deduction </strong><br /> <br /></p>
<p>Then, multiply your total deduction by your tax rate.</p>
<p>For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56</p>
<p>$3,521.56 = <strong>Amount you have lowered your federal income tax (at 28 percent tax rate)</strong> <br /> <br /> <em>Note:  Mortgage interest may not be deductible on loans over $1.1 million. In  addition, deductions are decreased when total income reaches a certain  level. </em></p>
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