The joys of homeownership are many: Your own house is a place to make sweet memories, build a financial nest egg, and whittle down your tax bill. Wait, what? Yep, it’s true: Your home can save you a bundle on April 15.
Realtor.com rounded up every last way to take advantage of the tax benefits of owning a home. Read on for the full rundown just to make sure you aren’t missing any, then pat yourself on the back for all the moolah you’ll save!
The majority of Americans say that owning a home is a good investment, according to a new poll of more than 2,800 registered voters commissioned by the National Association of Home Builders.
“The survey shows that most Americans believe that owning a home remains an integral part of the American Dream and that policymakers need to take active steps to encourage and protect home ownership,” says NAHB Chairman Ed Brady. Those surveyed were split on which one of the current presidential candidates they felt would be best for housing, at 37 percent each, while 25 percent of those surveyed said they “don’t know.”
The survey found that 72 percent of Americans say that they support the government providing tax incentives to encourage home ownership.
Eighty-one percent of 18-29 year olds surveyed say they want to be able to buy a home one day.
However, obstacles still remain in their path, as well as for others too. Among all those polled, 55 percent say that the biggest obstacle to buying a home is finding a home at a price that they can afford. Fifty percent said they were prevented from buying due to insufficient savings for a down payment, and 41 percent say they are struggling to get approved for a home loan.
Still, 36 percent of the more than 2,800 Americans surveyed say they hope to buy a home within the next three years, the survey showed.
Source: REALTOR Mag
The home ownership rate made gains in the second half of 2015, but that progress was muted in the latest report from the U.S. Census Bureau. The first quarter of this year saw the home ownership rate back on the decline, plummeting to 63.6 percent, the third lowest on record.
For comparison, in 2004, home ownership soared to a high of 69.4 percent.
Read the article…
The average median property tax rate across the nation is 1.31 percent. That means a home owner with a home valued at $200,000, on average, pays an annual amount of $2,620 in property taxes, according to an analysis by CoreLogic’s data team.
Illinois has the highest median property tax rate at 2.67 percent. Hawaii, on the other hand, has the lowest at 0.31 percent.
Read the article to see where your state lands in property tax rankings…
With tax burdens on the minds of many Americans as tax season approaches and election issues gain steam, one analysis of property taxes in the 50 states finds a wide spread of rates, including some surprising results.
24/7 Wall St. recently analyzed data from the Tax Foundation to review property taxes paid in each state as a percentage of home values to find which state’s home owners pay the most and least in property taxes.
Read the article to learn what the study found…
Owning a home can pay off at tax time. Take advantage of these home ownership-related tax deductions and strategies to lower your tax bill.
Help eliminate the stress of hiring movers by knowing the essential questions to ask to get the answers you need. Here are the questions that American Home Shield recommends.