It’s tax season, and if you are still trying to figure out how the new federal tax plan affects you, you aren’t alone. Earlier this year, Congress made a speedy change to the federal tax plan to change the local tax (and therefore your property tax) deduction guidelines.
Prior to this year, Texans could take an unlimited deduction toward the current year’s taxes. But that deduction expired, seemingly overnight, earlier in January, sending concerned Texans scrambling.
What Property Tax Payers Should Expect
Starting for the year 2018, Texas property taxes will be subject to the new federal rules that cap state and local tax deductions at $10,000. The rollback of these deductions will undoubtedly affect Texas, which has no state income tax and relies heavily on comparatively higher property taxes.
It’s estimated 1 in 4 Texas homeowners will be off the hook for paying above the new lower deduction amount, despite enjoying the unlimited deduction amount for years. For this new burden on homeowners, Home Tax Solutions offers a better option than paying large lump sums: a hassle-free, affordable, and low interest property tax loan.
Home Tax Solutions is the leading property tax lender and has served thousands of satisfied Texans. Enjoy no payments for 12 months and find a payment solution that works for your individual budget. Don’t pay large lump sums to the taxing authority. And don’t get hit with even larger tax penalties. For help, look no further than Home Tax Solutions. Apply online today!