Thousands Rush To Prepay Taxes Before New Tax Bill Takes Effect

28 December, 2017, 01:10 | Author: Marjorie Miles
  • Tax pre-payment challenging counties, collectors

No SALT creates panic. Anxious about the recently passed tax reform bill that caps federal tax deductions for state and local taxes at $10,000, citizens in areas with pricey real estate are rushing to prepay the property taxes that account for a significant chunk of their deductions, the Wall Street Journal reports.

County and municipal tax bills have not been generated yet, in part because some of the 76 municipalities are still in the process of setting their 2018 tax rates, Beers said.

"What I have told people is if you have received a bill for a 2018 property tax then certainly go ahead and pay it now".

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

But many high-end homeowners could be paying more in property taxes next year because of a new rule that caps the amount of state and local tax deductions at $10,000. In Passaic and Morris counties, it's between 35 and 40 percent of homeowners.

But this week is different, as hundreds of residents rush to beat the clock on federal tax reform by prepaying their 2018 taxes. "If taxpayers have any questions as to how this effects their personal tax returns, we strongly urge them to contact their accountants or financial advisers as soon as possible". The limit also covers state and local income and sales taxes, but the bill prohibits people from prepaying those taxes.

According to the Florida Tax Collectors Association, no 2018 taxes can be prepaid in 2017 because next year's property tax millage rates won't be set until September.

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Andrew Cuomo already has done something similar, Greenberg pointed out, allowing NY taxpayers to make partial payments of property taxes until the end of the year.

Benz said Wednesday that he understood but did not agree with the legal restriction.

Almost all the members of New Jersey's congressional delegation voted against the bill.

Homeowners are smart to do whatever they can to save some money in the short term, but without a legislative fix, this is, at best, one-shot relief.

The line was out the door of the property tax division in Hennepin County Wednesday morning. Which means Congress needs to address this issue in January of 2018. "At least this device will postpone the pain for one year". According to a Monmouth University Poll released December 18, only 26% of Americans approved of the plan, while 47% did not.

New Jersey has the highest property taxes in the nation. Yes, they are Democrat-leaning states, but that should have no bearing on federal tax policy. "But this is the only step we, at the local level, can and should take to help our residents right now", he added. Now Republicans have done the same thing, except unlike the ACA which expanded medical coverage to millions, the GOP tax overhaul will hurt millions.

The order could help save Jersey homeowners thousands of dollars in the coming year.



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