New tax plan to cap state and local deductions starting in 2018

Some people are rushing out this week to pay property taxes that should be due next year before the end of this year.

Posted: Dec. 29, 2017 4:40 PM
Updated: Dec. 29, 2017 8:23 PM

TIPPECANOE COUNTY, Ind. (WLFI) — Some people are rushing out this week to pay property taxes that should be due next year before the end of this year.

The new federal tax law caps deductions that can be written-off on state and local taxes.

Currently, there is no cap on how much can be deducted.

But starting in 2018, the federal government will begin capping deductions at $10,000.

Nearly 300 people have paid early to ensure they get the full deduction, bringing in almost a half-million dollars.

“Of that half-million, about three hundred thousand has come in the past week. We were looking at numbers this morning and it's nearly seventy thousand has been in the mornings. A lot of people coming in. A lot of phone calls, but a lot of people coming in just making that payment,” said Tippecanoe County Treasurer Jennifer Weston.

For those who have not yet made a property tax payment but would like to, it's not too late.

Payments can be made online until midnight on Dec. 31 by clicking here.

Weston encourages anyone who is uncertain about paying early to contact a tax or finance professional.

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