If you have a mortgage prior to 2013, you will pay less on your tax return.

In the midst of the Income Tax campaign and with the increasing tax burden, any savings are a welcome sight for families. If you have a mortgage applied for before December 31, 2012, you are entitled to a €2,000 income tax deduction. Any subsequent mortgage does not qualify for this tax savings.

The aforementioned 2,000 euros are not directly subtracted from the income tax or refunded to us, but rather this amount is subtracted from our total income to arrive at our final tax base. The corresponding personal income tax percentage is applied to the income minus withholdings, expenses, and deductions (such as the mortgage).

There are several deductions, and they vary depending on the autonomous community. In Catalonia, there are only two more: home renovation and rental as a primary residence, but with so many requirements, exceptions, and limits that they apply to a tiny percentage of the population. By way of comparison, the rest of the country has an average of seven deductions, and they are as varied as gym memberships. Not only are personal income tax rates higher in Catalonia, but the tax savings options are also more limited.

Returning to the topic, mortgage tax relief should be reintroduced. It was in place during a period of high Euribor, when the interest paid by families had a significant impact on their pockets, and this tax relief helped offset it. Interest is still an expense. It was eliminated once the Euribor fell (which makes sense because interest was no longer being paid), but considering the current Euribor level, which doesn't seem likely to fall much further, it would be the perfect justification for reinstating it and alleviating family expenses.