Homeowners Scramble to Pre-Pay Property Taxes
CHARLOTTE, NC — The newly signed tax bill has some homeowners racing to take advantage of a tax break that’s expiring in the new year. Under the new tax law, signed by President Trump, many homeowners will no longer be able to claim their property taxes as a deduction starting in 2018.
The move has many homeowners eager to pre-pay their property taxes before the rules change January 1st.
“I know we’re going to get it in this year and we can write it off, but not sure about next year,” said homeowner Stephanie Christensen.
“If you are in a 25 percent tax category and you deduct $10,000 of real estate taxes, then that’s going to save you $2,500 on taxes,” said John Pandis of H&R Block.
Pre-paying property taxes is not recommended if your itemized deductions are less than the new standard deduction of $24,000 for married couples.