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Homeowners in High-Tax States Scramble to Pre-Pay Property Taxes

28 December 2017

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.

More: Prepaying your 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.

The county was unable to accept those payments up until late last week because systems were down due a hacking earlier this month.

Example 2: County B also assesses and bills its residents for property taxes on July 1, 2017, for the period July 1, 2017 - June 30, 2018. The Montclair Tax Collector's Office will open for five hours on Saturday to handle the demand.

The Chemung County Treasurer's office is reminding people that you may be able to pay your 2018 property taxes, before 2017 ends.

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The tax warrant has gone to local tax collectors and people interested in prepayment will need to do so at the local level. (NASDAQ:TAX)Tax reform is top of mind for taxpayers, and many are looking for ways to use their 2017 tax return to mitigate its effects.

"Tenafly is accepting prepayment", Mayor Peter Ruskin said. "By paying in 2017, New Yorkers will be able to deduct their 2018 local property taxes from their 2017 federal income taxes, thereby avoiding the State and Local Tax deduction limit effective in 2018".

"We believe that the IRS will require the funds to be taken out of your account this calendar year", said E. Scott Sizemore, director of the revenue collection division of the Fairfax County's tax department. However, the law almost doubles the standard deduction, which may mean that fewer taxpayers will itemize.About 35 percent said they would likely increase medical expenses and the state and local income and sales taxes. This would be especially helpful for states where there are state taxes, like New York, New Jersey or California.

Currently, Florida homeowners can deduct taxes paid to local governments, including property, income, and sales taxes.

The Washington County Tax Collector's office said it would not be accepting prepayment of property taxes.

Lower Merion Township posted a message to residents on its website stating that, in response to "numerous inquiries from residents", the township's lawyers reviewed the matter and agreed with the county's position on state law. Rockland County first gave its towns the green light to start collecting next year's taxes on Wednesday afternoon, following an executive order issued last week by Governor Andrew Cuomo allowing counties to do so. In a message on its website, Radnor warned taxpayers that the township "is not providing tax advice" and advised them to contact their own tax advisers. "In the very next line, the tax bill gets rid of most personal exemptions".

Homeowners in High-Tax States Scramble to Pre-Pay Property Taxes