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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.

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