Mortgage Interest Deduction in New York
State income tax rate
10.9%
Itemized deductions allowed
✅ Yes
State-Level Mortgage Interest Deduction
New York has a top rate of 10.9% and conforms to federal itemized deductions. NYC residents get an additional deduction on their city return, making the combined benefit one of the highest in the country.
Combined Federal + New York 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 York (10.9% rate): $1,962
- Total estimated savings: $5,922
These are estimates based on a 22% federal bracket. Your actual savings depend on your specific tax situation.