Florida Homeowners Might Get Tax Help with a New Proposal
Elisa Ortiz
Published Apr 29, 2025
Mortgage insurance is something a lot of homeowners need to pay if they can't afford to put down 20% of their home's price. This can be tough for many, particularly now when buying a house is really expensive.
Here's what you need to know:
- From 2007 to 2021, people could deduct their mortgage insurance costs from their taxes, meaning they had to pay less during tax time. However, this benefit ended in 2021.
- The new bill, named the Middle Class Mortgage Insurance Premium Act, not only wants to bring this deduction back but also wants to allow more people to qualify by doubling the income limit to $200,000 for a family.
- This tax break was used almost 45 million times when it was available, saving homeowners a lot of money.
Supporters of the bill include both Republicans and Democrats in the House. They agree that the cost of mortgage insurance makes it harder to buy a home and hope that by bringing back and enhancing this tax deduction, more middle-class Americans can afford to buy homes and keep them.
Experts agree that restoring this tax break could really help, especially since homeowners are currently facing higher costs in many areas, including higher mortgage rates and fees charged by homeowner associations. Given these challenges, anything that makes it cheaper to own a home is welcome.
The possibility of this tax break coming back is good news for many homeowners in Florida who are feeling the pinch from rising housing costs.
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