There was a frantic push at the end of 2017 by some DC residents to pre-pay their property taxes for 2018, in light of the recently-passed tax bill. Now, we know just how many property owners did just that.
7,500 property owners in the city paid approximately $50 million in property taxes for 2018 before the end of last year, DC’s Chief Financial Officer reported Wednesday afternoon. In comparison, 13,000 property owners in Fairfax County pre-paid approximately $93 million in taxes. In Montgomery County, property owners lined up for upwards of 45 minutes at the end of the year to pre-pay taxes.
The far-reaching tax bill that passed in December caps the state and local taxes that individuals can deduct on their federal returns at $10,000. On December 28, DC’s CFO sent out guidance as to how DC residents could pre-pay taxes and it appears that many took advantage.
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This article originally published at http://dc.urbanturf.com/articles/blog/7500_residents_a_look_at_how_many_dc_residents_pre-paid_property/13409
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