Yes, that is the correct calculation. Additionally, make sure the amount of property taxes deduction you paid ties to the amount listed in the escrow statement or escrow transactions. Please be sure to keep your escrow statement for your records as a proof that taxes were paid.
If you paid more than the total bill into escrow – some lenders require an escrow cushion for emergencies – the excess is not deductible.
Another good resource to tie your property tax amounts is to compare the deduction you are planning to take against the county property tax bill which you would have received since that will also show the exact amount of property tax billed.
