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All associations that elect to be taxed as a homeowners association are entitled to a speciï¬c $100 deduction from its taxable income. This means that associations with relatively small amounts of taxable income could have their tax liability eliminated by the application of the speciï¬c $100 deduction.
There are certain real estate-related local levies that you canât deduct, even if they are included in your local real estate tax bill. You canât deduct special tax levies for neighborhood improvements such as streets, sidewalks, utility lines and other projects of primary benefit just to your neighborhood.ocal taxes are not deductible if you take the standard deduction. The general types of local taxes that you can deduct are income taxes, real estate taxes and personal property taxes.