I love owning my own home! Besides the obvious things like being able to paint your place whatever color you choose without forfeiting your security deposit. You also don't have to worry that your landlord may raise the rent or just decide to ask you to leave after your lease has ended or if you are just a tenant at will. There all also money saving benefits to it as well.
1. The Interest you pay on your mortgage is proably a tax deduction. Speak with a tax specialist for more details.
2. Residential Exemption
Since 1983, the city of Boston had elected to apply a residential exemption to residential property that serves as a principal residence of its owner.
Taxpayers who own and occupy their home can save on their tax bill by having a portion of their tax bill exempted from taxation. To qualify for the residential exemption, homeowners must own and occupy their home on January 1.
The value of the exemption is subtracted from the total full valuation. The Fiscal Year 2008 residential tax rate in Boston is $10.97 per thousand dollars of value. For fiscal year 2008, the residential exemption is 30% of the average value of all residential property in the City. In Fiscal Year 2008, the residential exemption subtracts $135,695 from the property's assessed value, saving qualified homeowners $1,488.57 on their tax bill.
Boston, Cambridge and Somerville offers a Residential Exemption. A taxpayer who owns and occupies residential property as their principal residence.
3. Property Taxes are a deduction when filing your yearly taxes
If that’s not enough, your Property taxes are a deduction too. How sweet is all this…