Click to Home
Go To Search
Online Services

Home

Posted on: December 15, 2017

Pending Federal Tax Legislation May Impact Property Tax Deductions

Pending Federal Tax Legislation May Impact Property Tax Deductions
Taxpayers should take advantage of existing deduction for 2017

MEMPHIS, Tenn. – The pending federal tax legislation being considered by the U.S. House and Senate has some sweeping changes. Among them is the limitation on property tax deductions, which if passed, could go into effect as early as Jan. 1, 2018.

Although the last day to pay 2017 property taxes is Feb. 28, 2018, Shelby County Trustee David C. Lenoir is urging homeowners to take advantage of the deduction now by paying property taxes by Dec. 31, 2017.

“There is a lot of uncertainty about what is going to happen with the tax legislation,” Lenoir said. “What is certain is that homeowners are currently able to deduct property taxes on their federal income tax returns. Many county homeowners have their taxes escrowed into their mortgage, which we always receive in December. Those homeowners who pay out of pocket may be able to benefit from paying by the end of the year.”

The Trustee’s Office offers a number of satellite payment locations and kiosks throughout the county. Click here for location information or to pay online.

The Trustee recommends that taxpayers consult a tax professional for more information or visit www.irs.gov.

# # #

Facebook Twitter Google Plus Email