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Pre-Pay 2017 Property Taxes to SAVE Your Deduction

Pre-Pay 2017 Property Taxes to SAVE Your Deduction

You may be able to prepay property taxes for possible income tax benefits

With property tax deductions expected to be capped at $10,000 for 2018, property owners that pay more than $10,000 in yearly taxes may benefit by paying some or all 2017 taxes prior to the New Year.  Remember, 2017 taxes are paid in 2018.  The higher your property tax bill the more this may save you.

Cook County just posted first installment amounts on the Treasurer’s web site in the past few days.  They have information posted on ways that you can pre-pay.

DuPage County also allows pre-payment.

The Lake County Treasurer’s office is accepting pre-payments through December 29, 2017 for the 2017 property tax year.

McHenry County has posted similar information as well.

Kane County also accepts pre-payment with the proper form.

Consult your tax advisor

This should not be construed as legal or tax advice; property owners should speak with an income tax professional to make sure they can benefit from this strategy.

Matt Hernacki

Matt is a lifelong resident of Chicago's Northwest Suburbs. He has been helping people buy and sell their homes for 21 years.

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