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