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United States
Prepay Rush
With the new cap on state and local tax deductions looming, homeowners across the country are rushing to prepay their 2018 property taxes before December 31, hoping to take advantage of a federal deduction that will be scaled back. The $10,000 cap on deductions for state and local taxes can affect higher-tax paying states such as New York, where in New Rochelle, the average annual property tax can exceed $18,000. “State or local law determines whether and when a property tax is assessed, which is generally when the taxpayer becomes liable for the property tax imposed,” the IRA advisory stated.This map depicts the average amount of property taxes a homeowner may pay by county. Click on the map to learn more.
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