Some NJ Residents Racing to Prepay 2018 Property Taxes

Some NJ Residents Racing to Prepay 2018 Property Taxes

Some NJ Residents Racing to Prepay 2018 Property Taxes

The reason for the rush is the new federal tax regulations signed into law on December 22.

Arkansans wanting to prepay their property taxes to take advantage of deductions before the new tax reform law goes into effect need to speak with county officials, Gov. Asa Hutchinson said on Wednesday.

"The action I took today will ensure that local governments are flexible and accommodating of their local property taxpayers as we transition to the new federal tax code for 2018", Christie said in a statement.

Taxes paid before the end of the year can be deducted on 2017 returns.

From Jersey City, N.J., to Oyster Bay, N.Y., residents are hustling to make early property tax payments on their 2018 bills to avoid a hit under the new tax bill passed by Congress. Thus, residents across New Jersey and other states have been flooding their local tax offices this week in an attempt to prepay their 2018 taxes to stave off the impact.

"My fun holiday reading is ... going through the bill page by page", she said. Of the roughly 120,000 tax bills the county sends out, only 15 to 20 people prepay for the next year, and those are usually the same 15 to 20 people each year, he said. The new bill, which goes into effect on January 1, caps federal SALT deductions at $10,000. Leventhal says that almost half of the county's taxpayers will have more than $10,000 in combined state and local taxes.

Seminole County's tax collector is asking Gov. Rick Scott to allow residents to pre-pay their 2018 property taxes.

Middle and higher income-earning taxpayers likely would benefit most from making early tax payments, said Joseph Schaeffer, a certified public accountant in Bethlehem.

Tax offices in different places around the country have very different positions on whether they would accept prepayments.

Beveridge says some people who would not be subject to the AMT could trigger it if they double up on paying next year's property taxes early.

Friday is the last day most government offices are open until the new year, though some New Jersey municipalities - including Montclair - are opening their tax offices on Saturday to accommodate residents.

The order also requires them to credit those payments as being received in 2017 if the payment is postmarked on or before December 31, 2017 - which is Sunday.

And that was before Congress gave final passage to the tax changes.

On Long Island, Hempstead town Tax Receiver Donald Clavin said "thousands" of people packed his office Tuesday trying to pay their 2018 property and school taxes a year in advance.

How do I find out if I can prepay?

Tisbury tax collector Jon Snyder: "Oh boy, we have had many, many people call".

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