Assume your home is assessed at $$230,000.$ You have a $$221,000$ loan for $25$ years at $6$ percent. Your property tax rate is $1\mathrm{.}5$ percent of the assessed value. In year one, you would pay $$12,155$ in mortgage interest and $$3,450$ in property tax $(1\mathrm{.}5$ percent on $$230,000$ assessed value$).$

What is the total deduction you can take on your federal income tax return?

Federal income tax deduction amount