‘TIS THE SEASON TO REJOICE being a homeowner. Nothing much else to rejoice about paying taxes; but, at least if you own your own home you do get to deduct the property taxes and the mortgage interest that you paid on your home for the tax year you are filing.

This is one of the biggest and best benefits of home ownership versus renting. As a tenant, you might be eligible for a tax credit from the State of Michigan only; however, as a homeowner you get to use your deductions for your Federal Income Tax and still might be eligible for reducing your property taxes to the State.

Granted property values have really taken a hit over the past couple of years; and, we still might be in for more in the way of declining prices. However, the values will come back, they always do. We might not know when or how fast; but, we do know that they will start accelerating again.

Owning your own home is still the big dream for most people. There will be times that the values might not be where you want them; but, during those times, you still are able to get your tax benefits.