Problem 17-7 Calculating Net Profit after Taxes [LO17-1] Assume your home is assessed at $200,000. You have a $150,000 loan for 30 years at 6 percent. Your property tax rate is 1.5 percent of the assessed value. In year one, you would pay $9.000 in mortgage interest and $3,000 in property tax (1.5 percent on $200,000 assessed value). What is the total deduction you can take on your federal income tax return