Thursday, July 06, 2006
ORANGEBURG SC - Mortgage interest and Property taxes would be reason enough
RISMEDIA, July 6, 2006—Among the 35 million taxpayers who use the home mortgage deduction, the average amount of mortgage interest deducted among each tax filer is $9,650. For those who deducted real estate taxes, the average is more than $3,000, making these two of the most widely used and important preferences in the federal tax code, according to a new study released by the National Association of Home Builders (NAHB).
Using the most recent IRS data available from 2003, the report provides an in-depth analysis of the local use of the mortgage interest and real estate deductions in each of the 435 congressional districts across America.
It found that every state has at least one congressional district that had a minimum of $259 million of mortgage interest and $43 million of real estate taxes deducted.
“Because the mortgage interest and real estate deductions significantly reduce federal tax liabilities for home owners, they are important tools for promoting homeownership,” said Jerry Howard, executive vice president and CEO of NAHB. “The report shows that millions of working families across the nation use and depend upon these important tax incentives to help them maintain their current standard of living.”
According to the findings, the average congressional district contains roughly 80,000 taxpayers who use the mortgage interest deduction and 88,000 families who deduct real estate taxes, illustrating the widespread use of these important middle-class tax preferences.
On a national basis, 35 million taxpayers utilized the mortgage interest provision in 2003 and deducted a total of $338 billion, or an average of $9,650 per household.
There were 39 million taxpayers in 2003 who deducted an aggregate of $119 billion in real estate taxes, or an average deduction of more than $3,000 per tax filer.
Using the most recent IRS data available from 2003, the report provides an in-depth analysis of the local use of the mortgage interest and real estate deductions in each of the 435 congressional districts across America.
It found that every state has at least one congressional district that had a minimum of $259 million of mortgage interest and $43 million of real estate taxes deducted.
“Because the mortgage interest and real estate deductions significantly reduce federal tax liabilities for home owners, they are important tools for promoting homeownership,” said Jerry Howard, executive vice president and CEO of NAHB. “The report shows that millions of working families across the nation use and depend upon these important tax incentives to help them maintain their current standard of living.”
According to the findings, the average congressional district contains roughly 80,000 taxpayers who use the mortgage interest deduction and 88,000 families who deduct real estate taxes, illustrating the widespread use of these important middle-class tax preferences.
On a national basis, 35 million taxpayers utilized the mortgage interest provision in 2003 and deducted a total of $338 billion, or an average of $9,650 per household.
There were 39 million taxpayers in 2003 who deducted an aggregate of $119 billion in real estate taxes, or an average deduction of more than $3,000 per tax filer.
