The end of the year typically draws long lines of property owners wanting to pay their taxes to get to get an income tax deduction, but this year’s was a little busier at the Collin County Tax office because of legislation passed Dec. 20 to modify income tax laws.
Starting in 2018, the maximum income tax deduction allowed for property taxes is $10,000, a number that is less than what is assessed on many Collin County homes. Up until 2018, property owners deducted whatever their tax bills showed, which reduced their income tax liability.
“This is an unusual year. No one knows the details of it (the federal tax bill),” Collin County Tax Assessor Kenneth Maun said. “There are a lot of questions.”
Many of the questions were whether a property owner could pre-pay taxes, with the prepayment carried as a credit on next year’s bill and fully deductible for 2017 income taxes
By Joe Reavis • Staff Writer • [email protected]
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