| The average homeowner deducts $9,650 for | | | | estate tax rates. New Jersey topped the list for real |
| mortgage interest, according to analysis released on | | | | estate tax deductions, with an average of $6,000 |
| Thursday.The National Association of Home Builders | | | | per household.Rapidly growing populations and high |
| says that 35 million taxpayers used the | | | | housing prices were evident in areas with the highest |
| home-mortgage deduction in 2003, deducting $338 | | | | mortgage interest deductions. California tops the list |
| billion. Thirty-nine million households deducted real | | | | with $64.9 billion in deductions for homeowners. The |
| estate taxes for the year, which added $119 billion to | | | | state's 14th district, which includes parts of San |
| homeowner tax breaks across the country.The | | | | Mateo, Santa Clara and Santa Cruz counties, had an |
| average homeowner deducted $3,000 in real estate | | | | average mortgage interest deduction of $35,000 per |
| taxes.IRS data was used in the NAHB analysis. It | | | | household in 2003.The top ten states for mortgage |
| stressed the importance of preferences in the tax | | | | interest deductions in 2003 were:California $64.9 billion |
| code for homeowners."Because the mortgage | | | | |
| interest and real estate deductions significantly | | | | New York $19.7 billion |
| reduced federal tax liabilities for homeowners, they | | | | Florida $17.6 billion |
| are important tools for promoting homeownership," | | | | Texas $16 billion |
| said Jerry Howard, chief executive officer of the | | | | Illinois $15.9 billion |
| association. "The report shows that millions of | | | | New Jersey $12.9 billion |
| working families across the nation use and depend | | | | Michigan $11.5 billion |
| upon these important tax incentives to help them | | | | Virginia $11.3 billion |
| maintain their current standard of living."Every state in | | | | Ohio $10.9 billion |
| the country had at least one congressional district | | | | Pennsylvania $10.8 billionMartin Lukac represents and |
| that deducted $259 million or more in home mortgage | | | | a finance web-company specializing in real estate and |
| interest and $43 million or more in real estate taxes. | | | | mortgage rates. We specialize in daily updates, |
| The average district contains approximately 80,000 | | | | mortgage news, rate predictions, mortgage rates and |
| taxpayers who use the mortgage interest deduction, | | | | more. Find low home loan mortgage interest rates |
| according to the report.Higher real estate tax | | | | from hundreds of mortgage companies! |
| deductions coincided with higher home prices and real | | | | |