Bill would expand property tax deductions
Chillicothe Gazette – Homeowners who normally can’t deduct their local and state property taxes on their federal return might have the opportunity to do so if new legislation is approved.
U.S. Sen. Sherrod Brown is a co-sponsor of the Homeowner Tax Fairness Act, which would benefit homeowners for whom it isn’t worth it to itemized deductions on their tax return.
“We can provide property tax relief to Ohioans by allowing homeowners — even those that don’t itemize their federal income tax returns — to take the full deduction of their state and local property taxes,” Brown said. “At a time when property tax valuations have often failed to keep pace with changing home values, allowing homeowners to deduct the full cost of their property taxes would help put more money in pockets of Ohio families.”
Presently, being allowed to deduct state and local property taxes is an either/or situation. Taxpayers can choose to take a standard deduction, in which their property taxes don’t come into play at all. Or, they can itemize their deductions and include their property taxes.
