As I write this, people are lined up at the McHenry County Treasurer’s Office to pay their real estate taxes before the end of the year.
The reason is obvious.
The new income tax law passed by Republicans and signed by President Donald Trump limits deductions for local property taxes and state income taxes to $10,000.
There are about 3,000 counties in the United States.
McHenry County homeowners live in one of the top thirty property tax counties in the country.
But as taxpayers who could afford to pay next year’s taxes now, the IRS was issuing an “Advisory” saying that only if taxes have been assessed in 2017 can one prepay them.
Since next year’s taxes were assessed in 2017, that seems to mean that residents will be able to deduct whatever is billed this coming spring.
But prepaying more than one year’s bill may not be allowed.