King County says homeowners cant prepay property taxes to avoid big 2018 hit
There is a lot of confusion over the how the new Republican tax law will affect homeowners who are used to deducting property taxes on their federal income tax forms.
Under the new tax law, state and local tax deductions will be capped at $10,000. For homeowners in markets where housing prices are rapidly rising — like Seattle and the Eastside — homeowners are wondering if it makes sense to prepay their property taxes this year.
Homeowners in other states have started prepaying property taxes, hoping to catch a break before the new federal tax law kicks in for 2018.
Not so fast, says King County Assessor John Wilson. State law does not allow county treasurers to accept tax payments until the tax rolls have been completed, according to the King County website. In King County, the Department of Assessments will not complete certification of the new tax rolls until January 2018.
https://www.bizjournals.com/seattle/news/2017/12/27/king-county-assessor-property-tax-prepay-deduction.html?ana=e_sea_bn&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1514421296&j=79405141