Congress could vote on a tax bill as soon as Tuesday, and the implications of the bill could affect your property taxes.
The new bill calls for a maximum $10,000 property tax deduction.
"The people that will be affected by this new law is the homeowner whose value is over $400,000," said Chris Bawcom, with North Texas Property Tax Services.
Bawcom says that if a house is worth about $400,000 or more, the property tax bill will likely be more than $10,000. That is the most that a homeowner can deduct, which means the homeowner will will likely pay the difference in income taxes. Before the law, there was no cap.
Bawcom looked at county statistics and estimated 10 percent of homeowners in Dallas and Tarrant counties will be affected. The numbers were higher in Denton and Collin counties. In Denton, he estimated 20 percent of homeowners will be affected, and 25 percent will be affected in Collin County.
Ricky Levy, who has lived in his Plano neighborhood for three years, says he has seen his property taxes increase each year. He is paying attention to what happens with the bill in Congress.
"Anything that is going to have to affect what I pay to the government and what I get to keep in my pocket for my family is going to make a difference," Levy said.
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With property taxes rising and deductions changing, Bawcom says it's now more important than ever to look at your tax bill to decide if you want to challenge it.
