With the passage of President Trump’s new tax plan people across the country have been rushing to pre-pay their property taxes before the first of the year when the policies will go into effect.
The new tax code limits the amount of money you will be able to deduct for your state income and property taxes to $10,000. Under the old tax code, taxpayers were able to deduct all of their property taxes and state income taxes from their federal income taxes.
This past Wednesday, the IRS officially announced that anyone who pre-payments their 2018 property taxes may be able to deduct the full amount from their federal taxes, if they’re made before the end of the year and if the tax was also assessed before the end of the year.
Mecklenburg County officials have also announced that they’re now able to accept 2018 prepayments after their system was taken down earlier this month by hackers.
They’re still not completely back up, so they can only accept prepayments in check or money order.
The county said that all prepayments must include a note that indicates the property’s parcel number and that it’s for a 2018 prepayment.
Prepayments must be dropped off at the Mecklenburg County Tax Offices at 700 E. Stonewall St. in Uptown Charlotte by the end of the day today.