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The tax assessed value for each home is public file and due to this fact accessible to anyone who needs to realize it. You'll be able to deduct both your mortgage interest and your property taxes on the second residence -- again, so long as you itemize. Because credit score unions do not pay taxes, they will supply their loans at lower curiosity charges than banks -- which makes for some angry bankers. You can deduct the curiosity and the property taxes you pay in your first residence in addition to on additional houses you would possibly own. How do I discover the tax assessed value of my house? Is Your property the Mom of All Tax Shelters? If you're not sure if a given property tax is a deductible expense, IRS Tax Subject 503, "Deductible Taxes" and Publication 530, "Tax Information for First-Time House Homeowners," can provide some clarification. And of course property taxes on the second home should meet the same necessities as those in your first residence. Are you able to pay your property taxes online?
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