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Taxpayer Deductions Vary Wildly Across Chicagoland

by Peter Thomas Ricci

Deductions are a big part of homeownership; how common are they here in our local marketplace?

If you know homeownership, you know the mortgage interest tax deduction, the great grandmaster of tax deductions in the U.S.

Indeed, homeownership and the MID go together like peanut butter and jelly, and it’s proven one of the most resilient government policies in recent decades.

How does MID’s application, though, play out across our various counties? Though we don’t have specific MID data, we have the next best thing – total tax deductions and itemizations, courtesy of an exhaustive study by the Brooking’s Institute.

See our graph below, to find out how the counties stack up:

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