Cook County Treasurer's Office - 12/20/2017
WTTW-TV
Many taxpayers are racing to pay their First Installment property tax bill because of a provision in the federal tax bill that limits the amount of state and local taxes can be deducted from your federal taxes, WTTW-TV reported.
Previously, that deduction was uncapped.
“If the United States government said next year you can only deduct $10,000, that leaves this year … It’s not 2018 yet, we still have until Dec. 31.” Treasurer Maria Pappas said. “And that’s the advantage. So it’s like the last minute deal.”
Watch the report.