Tennessee Valley residents try to prepay 2018 property taxes ahe - WRCBtv.com | Chattanooga News, Weather & Sports

Tennessee Valley residents try to prepay 2018 property taxes ahead of new law

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New federal deduction limits have Tennessee Valley residents wondering if they can prepay their 2018 property taxes.

President Trump's tax reform law caps state and local taxes that residents can deduct from their federal tax bill at $10,000.

Questions are pouring into the Hamilton County Trustee's Office about property taxes for 2018. That includes home, vacation home and investment properties.

Callers and people waiting in line on Wednesday wanted to know if they can pay them early.

"I thought, well, I can do that. I can go down and prepay my 2018 tax and deduct it this year," Marilyn Barber, a Hamilton County resident, said.

"I was thinking about it, and then after I thought about it, I said I don't think they're going to do it here," George Antones, another Hamilton County resident, said.

Dozens of Hamilton County residents are trying to save money by asking to prepay before the end of the year. That would allow them to include it on their 2017 tax returns.

"I've never seen anybody so excited wanting to come and pay their taxes. People calling wanting to pay their '18s. We have trouble getting people to pay their '14s and '15s sometimes," Bill Hullander, Hamilton County's Trustee, said.

Hullander has had to help pick up the phones to answer questions and pass along the bad news.

"We're having to tell them that we cannot post those. There's nothing due. There's no liability there," Hullander said.

The bill won't be ready until after the new year. It's the same story in Georgia where clerks cited state law to Channel 3.

"Think I'm going to be one of those people who ends up paying more tax after the new tax law because I always itemize, and I think I'm not going to have some of those deductions to itemize," Barber said.

Financial advisors said paying early could have saved some thousands of dollars if their property tax bills are usually above $10,000, which is the new limit on state and local sales tax deductions.

Hullander said there's still time to pay 2017 property taxes and include it on your upcoming tax return by submitting the payment by 4 pm on Friday to the Hamilton County Trustee's Office.

As for those states that are allowing people to pay early, it's unclear if the federal government will accept the payments.

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