Sentences with phrase «average property tax deduction»

According to the IRS, the average property tax deduction claimed in 2013 was $ 4,610.

(King's district, which covers the southern part of Nassau County, is the only one in the state where the average property tax deduction is higher than the average income tax deduction.)

In the district of Rep. Dan Donovan (R - Staten Island), the only GOP House member from New York City, the gap between the average state income tax deduction and average property tax deduction is $ 6,820.

Not exact matches

Texas, for example, has no state income tax and its property taxes on average are lower than New York's, giving Texas taxpayers fewer reasons to claim the state and local tax deduction.

Many a denizen of Nassau County — where the average SALT deduction in 2015 was $ 20,000 — spent the week between Christmas and New Year's fighting for her tax planner's attention; waiting in long lines to prepay her 2018 property taxes, in hopes of getting in one last, unlimited deduction before the new rules take effect — and then learning that those prepaid taxes might not actually be deductible, anyway.

Gov. Andrew Cuomo said New Yorkers would have to pay an average of $ 5,300 more in federal income taxes each year without the deduction for income and property taxes.

Several of the counties had average property taxes well over the new deduction limit of $ 10,000 for state and local taxes.

Citing state figures, Schumer said removing the property tax deduction could result in an average $ 4,300 tax increase for Long Island property owners who file itemized tax returns, and an average $ 5,500 increase for New York City taxpayers.

Homeowners already save an average of $ 3,000 a year in taxes from mortgage - interest and property - tax deductions, according to the National Association of Realtors.

Even if a person only plans to live in the house for less than 5 years (the average mortgage lasts ~ 5 years anyway), owning is better than renting due to the tax deductions allowed for property tax and mortgage interest paid.

When taking into account the generous deductions and credits the District offers many homeowners, the average effective property tax rate in Washington, D.C. is just 0.57 %.