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| *The Commerce Journal>>>United States Taxes |
Do I get any of my property tax refunded? |
I don't know much about taxes. Does it depend on what state you live in? Put taxes paid on your federal return, they will be calutaled in figuring your refund if you have one coming. No, property taxes do not ever get refunded unless you sale your house in the middle of the year and then it will usually show up as a credit on the settlement statement. You can deduct them on your 1040 if you itemize deductions. A few states like Missouri will refund some of it to low income senior citizens. That is it. For Federal taxes, property tax is an itemized deduction that get recorded on Schedule A. Maybe - there are a couple ways where you might. Not in any direct fashion. However, depending upon the circumstances of your tax position, you may derive some benefit on your federal return from taxes paid--if you itemize. Generally, property taxes are not federal levies but, rather, are state and local taxes known as ad valorem, or in proportion to the value (of the property). |
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