Tarrant County property owners may prepay their 2018 property taxes through the end of the year to take advantage of deductions that won’t be allowed under the new federal tax bill.
County officials made the decision Friday morning, after dozens of local property owners called county offices asking to pay early.
“We are not going to prevent taxpayers from enjoying any additional benefit that might come from this,” Tarrant County Tax Assessor-Collector Ron Wright said. “We will accept payments forward on next year’s taxes, if people want to do that to maximize their deductions.
“We’ve never done this before.”
President Donald Trump signed the bill into law Friday morning. Under the tax law, taxpayers may no longer deduct state and local property taxes over $10,000 from their federal income taxes. But it’s not clear if people who prepay 2018 property taxes of $10,000 before the end of this year will be able to claim them as an itemized deduction.
“We are making no judgment as to whether that is acceptable or not to the IRS,” Wright said.
There have been no changes to Texas tax law relating to the new federal tax bill, according to a news release from the Tarrant County Tax Assessor-Collector’s office.
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