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