29 Assume your home is assessed at $210,000. You have a $168,000 loan for 15 years at 6 percent. Your property tax rate is 1.4 percent of the assessed value. In year one, you would pay $10,080 in mortgage interest and $2,940 in property tax (1.4 percent on $210,000 assessed value). 10 points What is the total deduction you can take on your federal income tax return