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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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6 Responses to "Property Tax Break Broadened"

Sam Chapman wrote:
Nice to have another break, especially with November approaching quickly and a good likelihood that income taxes will go up for many of us after the election.

Posted on Wednesday, August 6th, 2008 at 2:49pm.

Benjamin wrote:
Can you imagine what will happen to our taxes if the Dems get 60 in the Senate and Obama wins? God help us!

Posted on Wednesday, August 6th, 2008 at 3:25pm.

James Boyer Harding NJ wrote:
Yes, good to have a little of something rather than just a bunch of talk. It would be nice though if they had made the deduction a little more meaningful.

Posted on Wednesday, August 20th, 2008 at 9:58pm.

Benjamin wrote:
I agree Jim, but most of the folks in Washington just don't get what it means to actually live in the real world.

Posted on Sunday, August 24th, 2008 at 11:03am.

Jennifer Louisville KY wrote:
Election years always seem to be a wild ride, and this one is shaping up to be very wild. I imagine theres going to be a lot of very nervous persons after the elections to see just exactly what is going to happen.

Posted on Monday, August 25th, 2008 at 2:54pm.

Benjamin wrote:
I should say Jennifer. God help us if the Dems get control of everything in Washington.

Posted on Monday, August 25th, 2008 at 3:32pm.

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