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WebFeb 21, 2024 · If you fail to pay your property taxes, your tax authority will place a lien against your property, and you’ll be assessed late payment fees and penalties. If you persist in avoiding your property taxes, your home may ultimately go to auction. If you don’t want to rack up additional costs or even lose your home, you’ll have to face your ... WebFeb 1, 2024 · Homeowners who receive or benefit from payments from a federal homeowner assistance fund were given an optional IRS safe harbor for computing their itemized deductions for mortgage interest and real property taxes.. The guidance, in Rev. Proc. 2024-47, is intended to allow taxpayers to compute their itemized deductions for mortgage … WebNov 9, 2024 · Under the deduction safe harbor, a homeowner may deduct as qualified mortgage interest expenses or qualified real property tax expenses the lesser of (1) the sum of payments the homeowner actually makes to the homeowner's mortgage servicer during a tax year between 2024 through 2025 for qualified housing payment expenses from the … geophysical data services gmbh