Over the last few weeks I’ve seen something heretofore unimaginable—people eagerly volunteering to pay property taxes that aren’t due for another three or four months.
As of this past weekend, the treasurer’s office had received about 113,400 prepayments, up from just 1,775 last year. That means taxpayers have paid more than $692.3 million in property taxes, which Pappas’s office will distribute to the city, the county, the schools, and other taxing bodies.
The new law limits taxpayers to a deduction of $10,000 in state and local taxes, including the property tax.
Moreover, they’ve expanded something called the 529 tuition plan. This is a tuition program that enables people to withdraw up to $10,000 tax-free dollars a year from an investment fund they’ve set up to pay for college tuition. The new tax law now allows people to withdraw money for private elementary and high school tuition as well.
