Mar 10, 2010 from
Anonymous
Value
$0.00
how much am i getting back on my taxes for my home i got a letter say assessment roll for 2012 current ass value land lord 50,000 improvment 163,300 totale vale 213,300 propose ass value 30.000 97,000 127,00 what is that
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I don't exactly understand your question. The letter you got from the country regarding assessed value looks like they have lowered the assessed value of your home. The assessed value is what the county assessor estimates as the property value of the home, and as you know home values have dropped significantly. Since property taxes are often based on a percentage of assessed value, you can probably expect your property taxes to drop by at least 40%, assuming that the tax rate is a fixed percentage and does not change. I would have to see a copy of your letter to see how they calculate the tax. As far as "getting back on your taxes" for your home, that is I think another question, if by that you are asking how much you might "get back" by using property taxes on your federal, and perhaps state, itemized deductions. As you know, both mortgage insurance and property taxes are deductible if you itemize deductions, but you need to determine if it is better to use the "standard deduction" or itemize, which varies on your filing status, single, married, head of household,, etc. Also the tax effect of deducting property taxes depends on your tax braket, it has a greater effect the higher your income. Interestingly, in 2012 when your actual property taxes drop, you will then have less of a deduction to take on your Federal Itemized Deductions (assuming you itemize). Anyway, hope this helped a bit and I did not confuse you. Feel free to clarify your question if I have not answered it fully.
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