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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.
Property Taxes. When property tax is based on the assessed value of your property, you can deduct it. Special assessments to pay for local benefits -- street lights, new sidewalks -- are never deductible. You can, however, use the amount of the assessment to lower your taxable gain when you sell a house.