Homeowners are allowed to write off their property taxes, but there are some caveats to doing so. First, you must itemize your returns. This means forgoing the standard $12,400 deduction ($24,800 for a couple filing jointly), and instead writing off many smaller deductions in its place. If you do opt for this route, deductions for state and local taxes (property taxes included) are capped at $10,000. Be sure to speak with a tax professional before making any decisions.