Offer your thoughts or opinion on the input financial query or topic using your financial background.

Do property taxes get deducted 100% from the Annual Tax Return or only a fraction of them?
In 2012, the standard deduction is $5950 for a single person.  Let's assume you are very charitable, and by coincidence you donate exactly $5950 to charity.  Everything that falls under itemized deductions would then be deductible.  So, if your property tax is $6000, in your example - Other adjustments come into play, including an exemption of $3850, I am just showing the effect of the property tax.  The bottom line is that deductions come off income, not off your tax bill. The saving from a deduction is $$ x your tax bracket.