Christie: New Jersey Municipalities Must Accept Prepayment of 2018 Property Taxes

Mitch Mc Connell and Gov. Andrew Cuomo

"This Executive Order will allow property owners to deduct either part or the full amount of their payment from their federal taxes before the GOP tax bill goes into effect". 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.

The new tax reform bill caps the deduction of state and local taxes at $10,000 and is expected to hit hard in New Jersey, where residents pay the highest property taxes in the nation.

Despite the historic tax overhaul, he said this year doesn't appear to be much different, acknowledging that county taxes usually make up a small piece of the pie.

"Realizing the late date presents challenges to implementing a new program, I believe that if this is logistically possible, you could bolster early payment of taxes and lessen the burden on the citizens of this great state", Greenberg wrote.

People in some communities are trying to effectively delay that hike for a year by paying their 2018 taxes in advance, though it isn't clear whether doing so will pay off.

According to the non-partisan Tax Foundation, homeowners in the three USA counties with the highest average property-tax bills-New York's Nassau, Rockland and Westchester counties-have median annual tax liability exceeding $10,000.

In New York, Democratic Gov. Andrew Cuomo signed an executive order Friday allowing New Yorkers to prepay their 2018 taxes to local governments and schools by January 1 and claim the deduction on their 2017 taxes. Many local tax receivers here have announced they will accept prepayments on December 29. Payments can be placed in a drop box at City Hall.

In California, counties are telling taxpayers they can pay only the bills due between February and April.




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.

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. And Cook County, Ill., made it easier to prepay. The Government Center's parking ramp will be open during those times.

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

Since the last two days of the year fall on a weekend, the last day to prepay real estate taxes in person or over the phone is Friday, Dec. 29.

"We can do something to fix this, and we should", Christie said last week.

How do I find out if I can prepay? "An automated message at the Nassau County Department of Assessment asked people to call later because, ".all assessment assistance personnel are busy with other callers".

Call your municipality tax collector - lists are found on county websites.

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