San Diego County residents worried about losing tax deductions may get a little reprieve by paying their full property tax bill before Jan. 1, when the new Republican-sponsored tax reform takes effect.
The second installment of the county’s annual property tax bill for 2017 is due on Feb. 1, 2018, and will become delinquent if unpaid after April 10. However, if you pay the second installment before year end, any deduction would apply to your 2017 tax bill.
The federal tax reform bill that passed both houses of Congress on Tuesday caps deductions for local property and state income taxes at $10,000, and many San Diego residents pay more.
While 2017 property taxes can be paid in full before the end of the year, county Treasurer-Tax Collector Dan McAllister cautions homeowners to seek tax advice and notes that you cannot pay now for future years.
“We are now accepting payments for the second installment of the 2017-2018 property taxes,” he said. “However, you should talk to your CPA or financial adviser about whether you should pay the second installment before Dec. 31, 2017, for taxable purposes. Our office cannot accept any payments for future tax years, such as 2018-2019.”
More information about early payment is available on the treasurer-tax collector’s website.