Pinellas Tax Collector: Tax Reform Could Affect Property Taxes
Federal income tax reforms could affect local property tax deductions, Charles W. Thomas said.
PINELLAS COUNTY – As lawmakers hammer out a proposed federal income tax overhaul, Pinellas County Tax Collector Charles W. Thomas is offering his top three tips for taxpayers regarding the bill’s potential impact on property tax deductions.
Currently, property owners can deduct property tax payments from their federal taxable income. The proposed legislation, however, includes a $10,000 limit on property tax deductions.
1. Property owners cannot prepay 2018 property taxes in 2017.
While many financial advisors recommend prepaying 2018 property taxes now, this is not allowed in Florida. Florida law allows tax collectors to begin collecting 2018 taxes on Nov. 1. Taxpayers who sign up for the 2018 installment plan – splitting property taxes into quarterly payments – begin paying slightly earlier, with the first installment accepted in June. In addition, the U.S. Treasury Department advises that 2018 prepayments will not be tax deductible for 2017 federal income taxes.
2. Haven’t paid 2017 property taxes? Pay in December and receive a discount.
Property owners will receive a 3 percent discount on property tax bills paid in December. The discount drops to 2 percent in January and 1 percent in February. There is no discount for property taxes paid in March. The deadline to pay 2017 property taxes is March 31.
3. Pay property taxes online.
Tax collector offices are especially busy the week between Christmas and New Year’s. Avoid lines by paying property taxes online at taxcollect.com. There is no additional charge for paying by electronic check.
Pinellas Tax Collector | Charles W. Thomas | Tax Plan | Tax Reform | Property Taxes | Taxes | Tampabay News
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