County council to meet to allow prepayment of property tax

Gail Trachtenberg and Lewis Eron prepay part of their 2018 property tax bill at the township building in Cherry Hill New Jersey on Thursday Dec. 22 2017. People across the country have been trying to prepay property taxes before a federal tax overhaul

County council to meet to allow prepayment of property tax

But there's still a lot of confusion over what taxpayers can pay in advance and what they can't.

Cuomo issued an emergency Executive Order to help protect property owners in ny from the devastating impact of the GOP tax bill.

Regardless, municipalities from Elizabeth to Alpine to Belmar report that residents are showing up with checkbooks to prepay at least the first two quarters of next year's property taxes.

The first step is to determine if you itemized your deductions for 2016? Under the tax law, taxpayers may no longer deduct state and local property taxes over $10,000 from their federal income taxes.

The Assessor does not accept payments; this is exclusively a function of the Tax Collector. For example, before the end of 2017, get new glasses or s, or see if you can squeeze in expensive dental work such as an implant. The second installment isn't due until April. Paying that second installment by December 31 could make a substantial difference: If you own a $1 million home, for example, you could save more than $1,000. They are often deductible for state tax purposes (subject to annual limits), which makes them even more valuable beginning in 2018, when deductions for state taxes are limited. "It can be a combination of state and local income and property taxes".

During its December 12 meeting, the Jefferson County Board of Legislators passed resolutions setting 2018 tax rates and authorizing tax collection, allowing local tax assessors to immediately begin accepting tax bills from property owners.

"It's normally dead in our lobby" at this time of year, said Emily Harrison, the Santa Clara County Finance Agency director.

The EO will also suspend local laws limiting the ability of taxpayers to make partial payment of property taxes until the end of the year. "People are taking advantage of it".

For additional details, please call the Los Angeles County property tax information line at 888-807-2111. You may also pay online by using a credit card or Visa Debit card.

Scott said her office has received between 25 and 30 calls.

The tax rates are going down next year, so a deduction now is worth a lot more than it will be in 2018. "So we would essentially be giving that money to the city", she said, unless federal authorities can clarify otherwise. "We'll be ready for that", she said. "We will accept payments forward on next year's taxes, if people want to do that to maximize their deductions". Consulting a tax expert is the best way to find out. But it's not clear if people who prepay 2018 property taxes of $10,000 before the end of this year will be able to claim them as an itemized deduction.

But Joy Ballard, Saline County tax collector, said that isn't possible.

Another deduction that's going away in 2018 is for tax preparation services.

Property taxes have been a hot button topics for thousands of McHenry County residents for years.

Could there be more of a snoozer than discussing tax code while you still have eggnog in your cup? A couple was there because their accountant called to recommend it.

"If you're an educator and you're deciding whether to buy something for your kids this year or next, you get a greater tax benefit from it this year", Heim says. That won't affect current mortgages.

Since a national income tax began more than 100 years ago, people have been allowed to deduct from their income the amount they've paid for state and local taxes.

"It's up to each and every taxpayer to make a decision on how comfortable they feel, paying real estate taxes in advance".

Concentrate charitable deductions. Next year substantially fewer taxpayers will deduct charitable donations. But if you act now, you can get the tax savings you had hoped to take in 2018 for your 2017 return. The new bill lowers the cap to $750,000.

More broadly, there will be a big incentive next year for more workers to reorganize their income into pass-through businesses - freelancers, for example, could set up a corporate vehicle to take in their income.

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