Americans across U.S. rush to pay property taxes before Pres.Trump plan goes into effect

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People across the U.S. continue to rush to pay their property taxes by the end of the year because of the Republican tax plan that alters deductions. (KGO)

People across the U.S. continue to rush to pay their property taxes before the end of the year because of the Republican tax plan that will alter deductions.

RELATED: President Trump signs tax bill into law

The new deductions cap will impact homeowners in some states much more than others, including those in California, Connecticut, New York and New Jersey, where the average state and local deductions surpassed $17,000 in 2015, according to an analysis by The Associated Press.

Some filers who itemize won't be able to deduct all their property taxes, so they are trying to save money by paying their April installment before the end of the year. That way, they can deduct the payment on their 2017 taxes.

RELATED: New tax laws have Bay Area property owners questioning installment payments

However, some tax professionals said it doesn't make sense for everyone to make an early payment, so it is best to talk with an accountant.

Click here for more videos and stories about taxes.
Related Topics:
realestatetaxesu.s. & worldpoliticshomeproperty taxesPresident Donald Trump
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