Don't know your tax rate? Home listings include annual property taxes, so divide that figure by the home's value to get the rate.

About Tax Deductible Expenses

Up to certain limits, both mortgage interest and property taxes may be tax-deductible if you itemize deductions on your federal tax return. For single filers and married couples filing jointly, up to $10,000 in state and local taxes (SALT), including property taxes and state income taxes, is deductible. Mortgage interest on loan amounts up to $750,000 is also deductible. Potentially deductible expenses from the first year of this mortgage include:

Note that deductible interest expenses on a mortgage decrease over time. For example, the deductible interest on this mortgage would be just in its final year. Whether itemizing deductions would save you more money compared to taking the standard deduction depends on your overall financial situation.

Always consult a qualified financial professional when making major decisions like buying a home.