Tag Archives: new tax law

Save Money Under The New Tax Bill – Pay Your 2017 Property Taxes By December 31st

By Bill Oakey – December 27, 2017, Updated December 28, 2017

Please note: Your 2017 property tax bill is not due until January 31, 2018. This blog piece offers a suggestion to pay it by December 31st, to take advantage of changes to itemized deductions in the new Federal income tax law. But, you cannot claim a 2017 Federal tax deduction by prepaying your 2018 property taxes. The 2018 property tax bills will not be generated until the fall of next year.

If you itemize your income tax deductions, you could save money by paying your 2017 property taxes by December 31st, this Sunday. The new Federal tax bill puts a $10,000 cap on state and local taxes that you can deduct. This change takes effect in 2018. So, if your property tax bill is higher than $10,000, paying it by December 31st could give you a one-time cost savings. You might want to consult with a tax accountant to evaluate your best option.

Your 2017 tax bill was mailed to you several weeks ago. You can also look it up on the Travis County Tax Office website. If you want to pay it by mail by December 31st, follow these guidelines from the Travis County Tax Office. Payments made with a U.S. Postal Service postmark on the due date are considered timely. Commercial postal meter imprints are not considered postmarks for the purpose of determining timely payments.

As to why those property taxes are so high, and what can be done about that, here’s a parting thought. Go ahead and enjoy the parties on New Year’s Eve. Then, check back with this blog in the New Year. There will be plenty of adventures ahead in the battle for affordability!

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