BY CAROLINE ABKAR | Red Tree Realty | 12/28/2017
The new tax reform will cap itemized tax deductions to $10,000 for a household. If you currently pay that much or more in yearly property taxes, it might be worth paying your 2017-2018 property tax bill (normally due in April 2018) before end of this year to deduct a higher amount from your taxes and keep more in your pocket.
As stated by San Diego County Treasurer-Tax Collector Dan McAllister, paying your property taxes before the end of the year could save you money: http://www.sandiegouniontribune.com/business/growth-development/sd-fi-proptax-20171222-story.html
On the other hand, this may not be the right move for everyone. Your county has to have posted your tax bill by now for you to be able to pay it this year. San Diego county is one of them. The Washington post just released this great Q&A that will help guide you: https://www.washingtonpost.com/news/wonk/wp/2017/12/27/essential-questions-and-answers-about-prepaying-your-property-taxes/?utm_term=.a879116f7853
There are many ways to pay the installment before end of the year, including for those who pay their taxes through an impound account with their lender. Arm yourself with patience when you call, because there is a long wait and many people paying their taxes early as we speak to take advantage of this opportunity!*
*I can’t advise on taxes because everyone’s situation is unique. Please call your tax accountant and/or lender tax department to confirm if this makes sense for you.
Questions? Comments? I am always listening!
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