| credit worth 15 percent of interest paid during the year. They would scrap the deduction for property current mortgage rate in michigan too. If enacted, mortgages eligible for the tax break would be limited by a formula reflecting the average regional price of housing. If in place current mortgage rate in michigan that range would spread from $227,000 to $412,000. Mortgages for second homes and interest paid on home equity loans would not be eligible for the credit. Taxpayers who currently own homes would have five years before they had to use the new credit. During that period of transition, a taxpayer could still take a deduction but the size of the mortgage eligible for a tax break current mortgage rate in michigan gradually fall. At the end of five years, everyone would be using the proposed credit. Connie Mack, a former Florida senator and chairman of the tax panel, said less than 5 percent of mortgages in the nation exceed the proposed cap. ``It current mortgage rate in michigan a fair plan. It shares the benefits,'' he said. For homeowners with a small mortgage who |
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