City residents can pay property taxes early due to new tax law (Pittsburgh: real estate, houses)

[gg]

Better hurry, if you want to deduct. Seems it is for those with real estate taxes over $10,000 a year. Please correct me if I am wrong.

Want to pay your 2018 property taxes early? Pittsburgh taxpayers have the option through Friday | Pittsburgh Post-Gazette

[robrobrob]

Originally Posted by gg

Better hurry, if you want to deduct.

Want to pay your 2018 property taxes early? Pittsburgh taxpayers have the option through Friday | Pittsburgh Post-Gazette

This is only a big deal based on the recent Trump tax changes. Peduto is throwing a bone to some wealthy city residents/supporters. It only really applies to those with houses assessed at least 1 million.

[gg]

Thanks. I looked into it closer and it seems it is only worth it for those with a real estate tax over $10,000 a year, so in our area that would be quite a few people I guess because our taxes are so wildly high around here!

[PghYinzer]

Originally Posted by gg

Thanks. I looked into it closer and it seems it is only worth it for those with a real estate tax over $10,000 a year, so in our area that would be quite a few people I guess because our taxes are so wildly high around here!

Or 2% of the entire metro area.

Pittsburgh region's housing values would not be hit by federal tax plan, experts say | Pittsburgh Post-Gazette

[JoeP]

Housing is but one part of the GOP law though.

[gg]

Originally Posted by PghYinzer

Or 2% of the entire metro area.

Pittsburgh region's housing values would not be hit by federal tax plan, experts say | Pittsburgh Post-Gazette

Thanks.

[selltheburgh]

Originally Posted by robrobrob

This is only a big deal based on the recent Trump tax changes. Peduto is throwing a bone to some wealthy city residents/supporters. It only really applies to those with houses assessed at least 1 million.

Not true. The deduction limit is 10k for property tax, state tax and local tax - if you do not take the standard deduction.

For example, a couple making 100k combined that owns a house assessed at 350k.

State and local tax is 6k
Property tax is roughly 7k

They would only be able to deduct 10k of the 13k next year. If they pay 2018 property tax this week, then they can deduct the 7k from their 2017 tax returns along with their 2017 SALT deductions.

[selltheburgh]

Also, this part of the GOP tax bill was kind of an FU to the higher tax, higher income, higher cost of living and typically democratic areas. NYC, California, Boston.

They limit the deduction at 10k (originally going to remove the SALT completely) and this puts more money in the Fed than keeping it local.

[UKyank]

I just did this today; a bit of a madhouse at the county treasurers office; the city one was pretty empty.

My house is worth nowhere near $1 million for the record so not sure where that idea comes from.

[pghpiggy]

Re the $1 million remark - trolls gonna troll. This is standard practice everywhere, and no different from prior years.

It's worth it for anyone who currently itemizes but doesn't plan to next year due to the "reforms". This includes people with expensive houses, sure, but also includes many owners of modest homes with large medical bills or charitable donations.