Prepaying 2018 property taxes causes confusion for taxpayers

The local chief deputy of operations for the Bexar County tax assessor says, according to the IRS, prepaying most likely won't make a difference.

Long lines have swept tax offices around the nation. The reason for the back up is for last-minute taxpayers to pay their taxes on time, and some people are even pre-paying their 2018 property tax.

After President Trump signed the new bill that put a $10,000 cap on state and local taxes people can deduct from their federal tax bill, taxpayers living near big cities like Atlanta, or Dallas, or in a high tax state like California, or New York, are trying to figure out if paying their property taxes in advance would make sense. 

The local chief deputy of operations for the Bexar County tax assessor says, according to the IRS, prepaying most likely won't make a difference.

"What we've heard from the IRS, they've put out a bulletin saying you won't be able to deduct for income tax purposes 2018 property taxes." Chief Deputy of Operations for the Bexar County Tax Assessor, Stephen Palacios said.

In fact, you won't even know how much you owe until next year.

"Here in Bexar County, the taxes haven't even been assessed yet. Our taxes aren't assessed until October." Palacios said. 

Some towns and cities have different rules regarding prepaying taxes. Palacios says if homeowners want to pay in advance, they haven't turned anyone down, instead, the money goes into an escrow.

© 2018 KENS-TV


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