What are the tax incentives for buying a home?

In Arizona, there are some tax incentives for purchasing a home that can help make owning a home more affordable. One of the main incentives is that property taxes are lower. Property taxes are based on the assessed value of the home, which is generally lower than the price you paid for it. This means you will pay lower taxes on the property. Another incentive is the mortgage interest deduction. This allows you to deduct some of the interest on your mortgage from your taxable income. This can help reduce your overall taxable income, which can result in a lower tax bill. Some tax credits are also available for buying a home. These credits can help reduce your taxes even further. For example, the Mortgage Credit Certificate Program allows qualified homeowners to get a credit of up to 20% of the annual mortgage interest they pay. This credit can be applied to your taxes each year. These tax incentives and credits are available to all homeowners in Arizona, regardless of the price of their home or the size of their mortgage. By taking advantage of these incentives, homeowners can reduce their overall taxable income and save money on their taxes.

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What are the tax incentives for buying a home?

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