Mortgage Interest Deduction in New Mexico
State income tax rate
5.9%
Itemized deductions allowed
✅ Yes
State-Level Mortgage Interest Deduction
New Mexico conforms to federal itemized deductions with a top rate of 5.9%. Mortgage interest is deductible on state returns.
Combined Federal + New Mexico Savings
If you paid $18,000 in mortgage interest last year and itemize on both returns, your combined tax savings would be approximately:
- Federal (22% bracket): $3,960
- New Mexico (5.9% rate): $1,062
- Total estimated savings: $5,022
These are estimates based on a 22% federal bracket. Your actual savings depend on your specific tax situation.