The new GOP tax law included an unwelcome surprise for some homeowners: a $10,000 cap on the state and local tax (SALT) deduction.
The cap could cause financial pain for residents of some high-tax states where even middle-class houses can easily exceed that threshold.
Given the new cap, is it worth trying to lower your property tax bill?
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Experts say the effort can pay off, but be prepared to invest some legwork and even some money in the pursuit of a lower tax bill.
The first step is to figure out if you are likely to be affected by the $10,000 limit on SALT deductions. Homeowners whose property tax bills are close to that amount are likely to feel the financial pain, given that your total SALT taxes could get pushed above the new cap once state income taxes are included.
Next, you'll want to determine if you're likely to itemize your deductions in 2018. The Tax Cuts and Jobs Act almost doubled the standard deduction to $12,000 for single filers and $24,000 for married filers, a change that is effective for the current tax year.
"In many cases, the doubling of the standard deduction might be enough to offset itemizing deductions in order to take advantage of SALT deductions," noted Cheryl Young, senior economist at real estate site Trulia.