Mortgage Deductions
A person who has a mortgage may also receive a deduction. Any person regardless of age qualifies for a deduction from:
- The assessed value of mortgaged real property he or she owns
- The assessed value of mortgaged real property he or she is buying under a contract that states he or she will pay the property taxes on the real property
The amount of the deduction from an assessed value a person may receive is $3,000. On mobile homes it is up to one-half of assessed value if the value does not succeed $6,000.
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