Homeowners Rush to Pay Property Taxes Early
They’re feeling it. Residents of high-tax regions won’t be able to deduct more than $10,000 in state and local taxes from their federally taxable income after Jan. 1 — a mainly blue-state phenomenon. So some are rushing to pay property taxes early where it’s allowed. The Republican tax overhaul kicking in for 2018 won’t allow that with state income taxes, but it says nothing about property levies. So hundreds of homeowners are betting they can deduct them on 2017 returns, though experts warn that the scheme might backfire for some early payers.