What are the tax breaks for homeowners?

In Arizona, homeowners may be eligible for several tax breaks. These tax breaks include the Homeowners Property Tax Credit, Mortgage Interest Deduction, and Property Tax Freeze. The Homeowners Property Tax Credit is available for eligible Arizona residents who own and occupy a single family home in the state. The tax credit is equal to 5% of the taxes paid on the home during the tax year. The Mortgage Interest Deduction allows homeowners to deduct mortgage interest paid on their primary residence up to $2,500 from their taxable income. Eligible taxpayers can also deduct points paid on their mortgage up to $500. The Property Tax Freeze allows seniors (65 years or older) to “freeze” the value of their home for tax purposes. This means they will not pay higher taxes on their home due to increases in its market value. The freeze only applies to senior homeowners who have occupied their home for at least the previous two years and use the home as their principal residence. Overall, Arizona offers several tax breaks for homeowners, including the Homeowners Property Tax Credit, Mortgage Interest Deduction, and Property Tax Freeze. These tax breaks can help reduce a homeowner’s taxable income and potentially lower their tax burden.

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What are the tax breaks for homeowners?

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