Assume your home is assessed at $285,000. You have a 5213,000 loan for 20 years at 5 percent. Your property tax rate 12 percent of the avessed value. In year one, you would pay $10,650 in mortgage interest and 53.420 in property tax (1.2 percent on $285.000 essed value) Assuming you are in a 28 percent tax bracket, by what amount would you have lowered your federal income twe O $3.939.60 53,420.00 $2.982.00 5957.60 O $4.535.40