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taxes

7 Reasons to Own a Home

Tax benefits.The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.

Appreciation.Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®. The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.

Equity.Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

Owning Homes Saves Taxpayers Billions!

Take a quick look at this infographic to see how much money homeowners have saved through real estate deductions. Spoiler alert: They kept in their pockets roughly $100 billion in 2012 alone!

5 Property Tax Questions You Need to Ask

How many bags of money will you need to pay your property taxes?There are a lot of expenses involved in your home purchase and your mortgage and homeowner's insurance won't be your only bills. Property taxes can add up, especially in New York State. Here are a few property tax tips to keep in mind when searching for your next home:

1. What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.

2. How often are properties reassessed, and when was the last reassessment done? In general, taxes jump most significantly when a property is reassessed.