The bond is paid with your property taxes. If you pay it off and sell your house, you will have to eat the value of the bond. Your house will not sell for a higher price than one where the bond is not paid off. However, you will save the interest you would have paid every year on the bond. An alternative is to take out a home equity loan to pay off the bond. The interest on that loan will be tax deductible if you itemize. Currently your bond payment including the interest that is included in your property taxes, is not tax deductible.
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 Brooklyn, NY; Kingston/Luzerne, PA; Haledon, NJ; Kansas City, MO; Olympia/Lacey, WA, Sanibel
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