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CHICAGO — Tens of thousands of Chicago-area homeowners are rushing to pay the first installment of their upcoming property taxes by the end of the year.
Currently, homeowners can deduct all of their local property taxes from their federal income tax bill. But next year, changes in the new tax law set a $10,000 deduction limit.
The first installment of 2017 taxes would normally be due March 1, 2018.
So far, nearly 48,000 Cook County residents have downloaded their tax bills and paid out about $313 million in early payments this month.
By comparison, last year only 1,775 people made payments before the end of the year totaling $14.4 million.
