Thousands Prepay Property Taxes To Beat Trump Tax Law
CHICAGO (CBS) -- The Cook County Treasurer's Office said people are beating a path to its door to pay part of their property taxes that are due in March.
Treasurer Maria Pappas calls it a "tsunami." So far, 47,741 early property tax payments have been made totaling, $312,749,126.55.
She said last year, 1,775 pre-payments were made by "snowbirds," who winter in Florida, California and Arizona. She said they would call in November to ask what the bill would be that's due in March of the next year and pay it.
The avalanche of early payments this year is an effort to beat the new tax bill President Trump signed into law last week. It will limit the total amount of property tax and state income tax deductions combined to $10,000.
"We had one building on East Lake Shore Drive where the entire condo co-op association came in and laid out the $791,000 wire transfer," she said.
You can download your Cook County property tax bill due in March at cookcountytreasurer.com and mail in a check, pay at any Chase bank or pay by debit or credit card. Deadline for the early payment is Sunday night in order to be able to deduct the payment on your 2017 federal tax returns.
