Filers line up at municipal offices before the GOP law kicks in; ‘It’s been insane here’
Homeowners across the nation are rushing this week to prepay their property taxes for 2018 before the Republican tax law kicks in Jan. 1 and effectively raises the levy on higher-end homes.
The new legislation, which President Donald Trump signed into law last week, caps at $10,000 the amount of state and local taxes that filers can deduct from their federal tax bill. That means those whose tax bills regularly exceed that amount could benefit by paying more tax in 2017, when the deduction has no limit.
