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Prepayment of 2018 Property Taxes in 2017

Posted: December 29, 2017

As you may already know, beginning in 2018 the Tax Cuts and Jobs Act limits the total itemized deduction for state income and state property taxes to a combined total of $10,000 per year.  By comparison, 2018 state and local real property taxes that are both assessed and paid in 2017 may be fully tax deductible in 2017 for taxpayers who itemize their deductions.  As a result, it may be beneficial to prepay 2018 property taxes in 2017.

Unfortunately, Wisconsin state law does not assess, or allow payment of, 2018 property taxes in 2017.  Although Wisconsinites cannot prepay 2018 Wisconsin property taxes, if you have not yet paid your 2017 Wisconsin property taxes, you should consider doing so before year end. 

Also, if you own property in a state other than Wisconsin, consider prepaying 2018 property taxes for those properties before the end of 2017 if those taxes have already been assessed by the state where the property is located.  (Florida has not assessed 2018 property taxes, and accordingly, 2018 property taxes for a Florida property cannot be paid in 2017.)

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