Mortgage interest rate tax deduction most valuable for Californians, study finds

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Mortgage interest rate tax deduction most valuable for Californians, study finds

May 25, 2010 - An analysis of IRS data performed by the Tax Foundation found that Californians who deducted their mortgage interest payments from their 2008 tax returns saved an average of $18,876, the highest of any state in the country.

While Californians were able to realize the biggest gains from taking advantage of the tax deduction, Maryland taxpayers were the most likely to do so, according to the Tax Foundation. Nearly 38 percent of eligible taxpayers in that state applied the deduction to their 2008 returns, well above the national average of 26.83 percent.

The reasons for the wide disparities were several, the Tax Foundation said. Among them were the great gaps between local property values in different states - from pricey Hawaii to more economical Oklahoma - and the rate at which each state's population has grown.

Recent positive economic news, including the release of statistics showing that the nation's consumer confidence levels are on the way up, could mean that the housing market is well on the way to recovery, experts say.

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June, 2012

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