Property Tax Break Broadened
Posted by Benjamin Dona on Sunday, August 3rd, 2008 at 11:57am.
One of the lesser talked about parts of the new housing bill is homeowners who do not itemize on their tax returns will now get the opportunity to get some credit on their 2008 federal tax return for their property taxes.
Under the new guidelines, homeowners who take the standard deduction ($10,900 for married couples and $5,450 for singles) will get an additional standard deduction of $500 for single filers and $1,000 for married couples who file jointly. It is estimated that about 40% of homeowners don't itemize including many in less expensive homes, those with small outstanding balances owed on their homes and folks age 65 and older. They all will now be able to get an extra new tax break in addition to this year's larger standard deduction. The only drawback is that as of now, this new provision is scheduled to only be in place for one year.
Hopefully, the illustrious people we have all elected to the Congress will correct this next year and make the new deduction permanent. However, I wouldn't hold my breath and count on it.
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About the Author
Benjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.
Contact Benjamin Dona at 239-948-3955
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