Many Americans scramble to pay property taxes | KOB 4
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Many Americans scramble to pay property taxes

Blayne Alexander, NBC News
December 28, 2017 03:21 PM

WASHINGTON (NBC News) -- With the new GOP tax plan going into effect soon, many people are confused and rushing to make last-minute payments, hoping to save money before the end of the year.

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The new GOP tax law means starting in 2018, property tax deductions will be capped at $10,000, when before there was no limit. That includes state and local taxes. That left many scrambling, trying to pre-pay those taxes before the year's end to save money.

But now the IRS says that only works if you have already had your 2018 property tax assessment.

"It really depends on your locality and whether or not they permit that some localities are bending the rules," said tax accountant Bryan Lake. 

In bigger states, there is concern that the new law will do far more harm than good, with New York Governor Andrew Cuomo suggesting the law may be unconstitutional.

Experts say you will really start to notice changes come tax day 2019, but when filing taxes this coming April, it is business as usual because the new law will not yet apply.

Read more: http://nbcnews.to/2E4GMm6

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Blayne Alexander, NBC News

Copyright 2017 KOB-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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