• News
  • Money

Executive Order Allows for Pre-Payment of Next Year's Property Taxes

Executive Order Allows for Pre-Payment of Next Year's Property Taxes

For many Arlington taxpayers with pricey homes, this means they will lose part of their deduction next year and thus potentially pay higher federal taxes. The second installment isn't due until April.

"If I could prepay half of my property taxes for next year, to take advantage of it in this tax year, based on what my accountants told me, I would save nearly $1,000". In fact, homeowners in the state pay the highest property taxes in the nation, more than $8,500, on average. We cut taxes for retirees by passing legislation to raise the state income-tax exemption on pensions, 401 (k) s and other retirement income to $100,000 over the next three years.

But under the tax legislation President Donald Trump signed into law Friday, there's a $10,000 cap on the deductions.

The new $10,000 cap on the deduction will hit hardest in states such as California, Connecticut, New York and New Jersey - states where the average state and local deductions in 2015 all topped $17,000.

Generally, those whose combined property and income tax bills are more than $10,000 - but not those who would be subject to the new Alternative Minimum Tax - would benefit by prepaying some or all of their property tax bill.

Doherty's prepaying his taxes. "At least this device will postpone the pain for one year". Lewis Eron and Gail Trachtenberg were trying a half year's payment.

"Phones and emails have been going off like insane because a lot of people are hearing about the real estate property tax deduction, hearing about all the changes and wanting to know what to do." said Gail Rosen, a CPA at Wilkin & Guttenplan P.C.

In nearby Moorestown, tax collector Jennifer DellaValle said someone inquired about paying taxes for two years.

Wells Fargo will accept payment by check or credit card at any District branch office.

"We've told them, 'Absolutely not!'" said Tax Commissioner Carla Jackson.

Additional information can also be found through your county's tax collector. Congress may act to close the loophole and ban property tax prepayment. In 2017, for example, people paid their 2016 property taxes.

Scott said her office has received between 25 and 30 calls. Rresidents also can grab the document in person at Miller's office, at the corner of Route 47 and Russel Court in Woodstock.

"I would recommend that everyone speak to their tax adviser, because everyone's situation is different", he said.

Property taxpayers in Jefferson County are urged to pay their property taxes before January 1 to take advantage of deductions afforded under the current tax law. "Yes they can, and yes they should", she said. "We'll be ready for that", she said. "So we don't even know what we could collect". It's suggested for people to stop by in person to pay the bill, with a request to date the check for December 30, 2017. It's not uploaded in their system.

"While we emphasize that we can't give you advice whether or not this will be deductible properly or not". "For people who owe more, it's more beneficial for them". "You have until the last day of the year to make up your mind", he said.

Leave Your Comment

Leave Your Comment


Latest News

  • Lorde axes Israel shows amid tensions over Jerusalem recognition

    Boycotting art in Israel will not solve the situation, it will just make it a lot more sad and miserable'. Lorde , 21, previously said she was considering what to do after two fans wrote her an open letter .
    Catalonia election: Spain's Mariano Rajoy rules out new national vote

    Catalonia election: Spain's Mariano Rajoy rules out new national vote

    HEDGECOE: The deposed president of Catalonia, Carles Puigdemont , fled to Belgium when direct rule by Spain was introduced. However, politicians in Madrid and Barcelona had urged those opposing independence to ignore the ballot altogether.
    Cousins, Redskins dominate Broncos, 27-11, on Christmas Eve

    Cousins, Redskins dominate Broncos, 27-11, on Christmas Eve

    When an National Football League team has won only five games all season and is playing out its remaining games, the focus turns to the longer term.
  • Charles Dutoit releases statement denying sexual assault claims

    Charles Dutoit releases statement denying sexual assault claims

    The conductor went on to say that he was now taking legal advice and planning to "defend himself". Recently, symphonies in Boston, San Francisco and Sydney had severed ties with Dutoit.

    Valero Energy Partners LP (NYSE:VLP) Stock Sentiment Worsens

    The pipeline company reported $0.65 earnings per share for the quarter, missing analysts' consensus estimates of $0.68 by ($0.03). Natixis decreased Danaher Corp Del (NYSE:DHR) stake by 158,009 shares to 166,029 valued at $14.24 million in 2017Q3. (NYSE:WWE).
    Baltimore Couple Among Five Killed In Florida Plane Crash

    Baltimore Couple Among Five Killed In Florida Plane Crash

    Several people died after a plane crashed at the Bartow Municipal Airport around 7:20 am Sunday, deputies said. There was a fire after the plane crashed that was extinguished by Polk County Fire Rescue personnel.
  • UCLA's Rosen prefers Giants over Browns in draft

    UCLA's Rosen prefers Giants over Browns in draft

    Leonard Fournette of LSU and Stanford's Christian McCaffrey both skipped their bowl games last season to prepare for the draft. Hue Jackson has not won a game on a Sunday as Browns coach in two years and Cleveland just fired its GM midseason .
    Palestinians die of wounds from Israel clashes in Gaza

    Palestinians die of wounds from Israel clashes in Gaza

    Israel routinely describes the city, with its Jewish, Muslim and Christian holy places, as its "united and eternal" capital. Palestinians hope that East Jerusalem might eventually serve as the capital of an independent Palestinian state.
    Start preparing for the 2019 Lok Sabha elections, Modi tells BJP leaders

    Start preparing for the 2019 Lok Sabha elections, Modi tells BJP leaders

    The Congress, which gave a tough fight to the BJP, lost the elections even though its tally increased to 77 seats from 61 in 2012. In Gujarat, the BJP leadership is likely to continue with incumbent CM Vijay Rupani , with Nitin Patel as his deputy.
  • Charlie Austin charged over Jonas Lossl clash

    Charlie Austin charged over Jonas Lossl clash

    Austin avoided punishment at the time, but could face a retrospective ban from the Football Association. I don't like to say he has done this on objective , but it looks like it".
    Withdraw triple talaq Bill: AIMPLB

    Withdraw triple talaq Bill: AIMPLB

    The organisation also argued that the bill is against Sharia law, and will ruin Muslim families, CNN-News 18 reported. There is also a provision of imprisonment for a term which may extend to three years and fine for violators.
    Anushka Sharma tears up the dance floor at wedding reception

    Anushka Sharma tears up the dance floor at wedding reception

    The star also wore a heritage uncut diamond choker and jhumkas from the Sabyasachi Bridal Jewelry collection. Actress Anushka Sharma and cricketer Virat Kohli hosted a grand reception in Delhi, yesterday.
  • Britton named caretaker manager of Swansea

    Britton named caretaker manager of Swansea

    But Giggs, 44, when asked whether he still wanted the job, said: "No". "I will probably not manage a club anymore". But despite being linked with a number of jobs, he has not managed to find a role since leaving United in 2016.
    Jennifer Lawrence Gives Kris Jenner a Hilarious Gift for Christmas

    Jennifer Lawrence Gives Kris Jenner a Hilarious Gift for Christmas

    The actress said, "I've been watching them for 11 years, so I grew up with them, and I know all of them personally". So, the Porsche is a little small for Jenner to actually ride, but it is the flawless size for her grandchildren.
    Christmas 2017: Best quotes, SMSes, wishes to share on WhatsApp and Facebook

    Christmas 2017: Best quotes, SMSes, wishes to share on WhatsApp and Facebook

    Carols are rehearsed by kids and schools also begin rehearsals for skits that explain the relevance of Christmas . In the chilly winters of December, Christmas brings in the right amount of warmth from friends and family.
  • North Korea calls new United Nations  sanctions an

    North Korea calls new United Nations sanctions an "act of war"

    China, North Korea's long-time partner, played a significant role in the drafting and passage of the recent sanctions. The measures targeted North Korean shipping operations and Chinese companies that trade with Pyongyang.
    JR Smith expected to play at Warriors

    JR Smith expected to play at Warriors

    I have no rhythm, so there is no way I can play in an actual game right now and be very effective like I'm used to being. The Warriors are now on an 11 game winning streak, while the Cleveland Cavaliers have been rolling the past month.
    Oil dips as United States  production fast approaches 10 million bpd

    Oil dips as United States production fast approaches 10 million bpd

    During the Asian trading session the crude oil price fluctuated against the drop of stocks in the United States. Yet, gasoline stockpiles rose for a sixth week and diesel supplies unexpectedly edged higher.

Breaking News



Recommended

London Zoo reopens after fire that killed meerkats, aardvark

The London Zoo reopened to visitors today after the firefighters managed to douse the fire out that had engulfed a popular cafe. The duty staff who live on site were on the scene "immediately" and started moving animals to safety, it said.

Someone Sent Steve Mnchuin A Box Of Poop For Christmas

Representatives for the Treasury Department did not immediately respond to requests for comment Sunday morning. A bomb squad was called in but after discovering the manure, they ruled it was not a threat to anyone's safety.

Jets lose to Chargers, 14-7

It's not quite as bold when you're 5-9 and playing for nothing, but the surprise onside kick still requires some serious courage. The Chargers opened the scoring with a 3-yard pass from Rivers to Antonio Gates with 8:55 left in the second quarter.

Vice apologises for 'boys' club' culture after allegations of sexual harassment

Allegations involved a range of misconduct including sexual and racial comments, propositions for sex and unwanted kissing. Some employees said they understood the contract to be meant to prevent them from complaining about harassment.

Seconds Before Amtrak Derailment, Engineer Made Comment About 'Over Speed Condition'

The engineer, who was among the injured, has not been identified and investigators have said they planned to speak with him soon. The recording ended with the locomotive tilting and the crew bracing for impact, the statement said.

CPI(M) welcomes Lalu verdict; BJP has double standards on corruption — Sitaram Yechury

Angry RJD workers tried to stop the police vehicle when Lalu Prasad was being taken to jail. The accused persons appeared at the CBI court at 11 am and judgment was deferred till 3 pm.

Thousands fill Concord Mills Mall for last minute holiday shopping

Weather may have been bad today, but that didn't stop shoppers from going out to look for those last minute Christmas gifts. Plenty of self-proclaimed procrastinators hit the malls as well ahead of the weekend. "I thought I had everything done.

Three takeaways from Saints' playoff-clinching win over Falcons

Furthermore, an Atlanta victory would put New Orleans in a place where it would need help in Week 17 to win the division. He was named the NFL MVP last season when he threw for 4,944 yards with 38 touchdowns and only seven interceptions.

Google celebrates the solstice in both hemispheres

Oceans and bodies of water - which take longer than land to heat up and cool down - keep temperatures from rising very fast. The exact times of sunrise and sunset depend on two things: your latitude and geographic location within your time zone.

Vijay Rupani, Nitin Patel likely to continue as Gujarat CM, Deputy CM

The BJP, which has been in power in Gujarat for 22 years, won 99 of the 182 seats, its poorest performance so far. In Himachal Pradesh, the defeat of BJP's chief ministerial candidate has opened up a contest for the post.