[quote]
I’m not sure what you’re asking. I’m saying that I think I’m getting about $900 in reduced taxes that I won’t get if I don’t own anymore (by interest and property tax deductions).

I saw another post that said add up your interest and property tax payment, multiply by 34%, and divide by 12 to estimate the tax savings. I think the 34% was a tax bracket guess for the poster’s income, which seems close to mine.[/quote]

Income deduction is not the same as tax credit. If I understood it correctly, and it may very well be that I’m mistaken, property tax is a deduction to income but is paid whole. So a fraction of property tax is written off. The net result is negative.

Basically the property tax paid is greater than the reduction.

The way to really check is to take the taxable income, go to the IRS website, look at the tax bracket and % tax, compute the amount of tax balance. Then take all the house deductions, i.e. the property tax and interests, subtract them from the taxable income, then recompute the tax balance. The difference is the tax savings.