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Should i pay my property taxes now or wait until next year?

bought a house in Sacramewnto, CA, last summer. I've just received my first bill of property taxes in the mai (two installments)l. I have until April , 2008 to pay the second isntallment. My question is should I pay property taxes now (this year) and claim it in my 2007 tax return OR should I wait until April. Which is better in order to get the more money back.

my property taxes are not included in my mortgage payment

If you want more money back for this tax year, pay your property taxes now (posted by December 31). This will reduce your deductions for next year, thereby increasing next year's taxes. Good luck to you.

Are you itemizing this year?

I itemize every other year so I'm paying my property taxes in 2008 (Jan for 2007 and Dec for 2008). If I paid my property taxes each year, I would barely be able to itemize and would get less back over the 2 year period.

You can if you want to accelerate your deduction.

However, I'm willing to bet that property tax is being included in your mortgage payment if you have a mortgage.

You decide. You claim it when you paid all of it.

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