Homeowner's Tax Relief Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers an additional tax deduction (whether or not such taxpayers itemize deductions) for state and local real property taxes paid for a principal residence that exceed the national average, as determined by the Secretary of the Treasury. Denies such deduction for taxpayers whose adjusted gross income exceeds $80,000 ($160,000 for joint returns).
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