[ApS]

Orion has it right, IMO.

Down the road, however, The President's Advisory Committee on Income Tax Reform has proposed that "state and local" taxes may become non-deductible:

"...whether a new tax system—one where potentially municipal bonds no longer receive a tax preference or state and local taxes are no longer deductible for individuals—will result in the level of economic benefits that are hoped..."
PDF: http://www.bondmarkets.com/assets/fi...nel_060905.pdf.

HTML: http://64.233.161.104/search?q=cache...ductible&hl=en

Does "state and local taxes" include Property Tax?

That could make a big long-term difference...right?