GOP Tax Plan Will Affect Home Ownership
The new Republican tax law is prompting plenty of questions and many of them are coming from homeowners.
The legislation makes a number of significant changes to the tax code, including doing away with the deduction for the interest paid on home equity loans.
In addition to modifications to the mortgage interest deduction, the bill limits the deductibility of property taxes and state and local income taxes to a combined $10,000.
Many tax experts say that under the GOP plan, fewer homeowners may find it worthwhile to itemize to claim their deductions. That's because the standard deduction will nearly double to $12,000 for individuals and $24,000 for married individuals who file a joint return in the 2018 tax year.
The Hillsborough County Tax Collector's office says they've seen an uptick in calls from customers asking if they can "pre-pay" their 2018 property taxes.
The answer is no, because those tax values haven't been assessed yet. Taxes are assessed as of Jan. 1 each year and are normally due on Nov. 1 of that year.
Hillsborough County property owners can, however earn a 3 percent discount on 2017 property taxes by paying by on or before Dec. 31.