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For starters, local property taxes pick up the slack. Yup, and now it's not deductible anymore past the first 10K thanks to the new GOP tax laws. People rushe
by joezydeco 9y ago
For starters, local property taxes pick up the slack.
Yup, and now it's not deductible anymore past the first 10K thanks to the new GOP tax laws.
People rushed to their county tax offices to prepay as much as they could before the end of 2017, but it's a lot of headache and effort for a one-time small relief.
- tptacek 9y agoMost people in IL don't have property taxes that exceed the SALT cap; the median homeowning family wouldn't exceed that cap in property and income taxes combined, right?
- joezydeco 9y agoMost people, sure. I'm in DuPage - highest property taxes in the state (closing in on 2.25%). So a $400K home will easily get you up near the 10K mark...and that's not even counting your income taxes.