TALLAHASSEE, Fla. (WTXL) - Some Americans are scrambling to prepay their 2018 property tax before the new GOP tax plan goes into effect.
The reason for pre-paying the taxes? The chance to write off as a deduction.
The new cap on property tax write offs will be $10,000. In prior years, there was no limit on how much you could write off.
One accountant says he's had some clients asking if pre-paying is something they should do.
"My advice is go ahead and pay it," said Frank Rong. "If the tax has been assessed then pay is ASAP before the new year ends, because next year you might not be able to fully write it off."
Rong says that for Tallahassee residents, the tax bill is important. The new tax bill will go into effect starting Monday.
