Important Tax Info from DC’s Chief Financial Officer
As some of you have read, the Republican tax bill limits the amount of state and local income and property tax deductions you can take on your federal income tax. According to the bill, starting in 2018 it will be capped at $10,000. The District's Office of the Chief Financial Officer (CFO) estimates this could impact up to 16% of District filers. There have been articles in the press highlighting that one option to get the full benefit of the real property tax deduction, at least for one more year, is to pre-pay your 2018 property taxes before Dec. 31, 2017. Please consult a tax advisor (quickly) if you think this might be to your benefit.
The CFO has instructions on how to pre-pay your real property taxes here: https://otr.cfo.dc.gov/release/statement-prepayment-real-property-taxes
I, along with other Council members, have asked the Chief Financial Officer for a full analysis of the tax bill and how it will impact the District and its residents. Chief Financial Officer Jeff DeWitt informed us that his office is doing just that, and we can expect a full analysis a few weeks into the new year. Please feel free to contact me if you have further questions at [email protected]il.us or (202) 724-7772.