Can I prepay my property taxes?

Should you consider prepaying property taxes this year?

But with the newly passed federal tax-reform law capping the state and local tax deduction at $10,000, some residents of NY and other high-tax states are racing to pay their 2018 property-tax bill before the current year comes to a close.

The Washington Post reports that county officials dropped a plan to allow prepayment, saying it was unworkable on a tight timeframe. If you want to prepay your 2018 town/county bill, call the office and it will pull your bill to advise you of the amount.

However, only Orange County homeowners who live in a town or city can take advantage of this loophole, because village taxes are paid later in the year. Outgoing Sen. Ray Lesniak (D-Union) announced he will also sponsor a bill and try to get it signed into law before Christie leaves office on January 16. New taxes might be approved or, if a property is sold, the tax value of the property will change. And you get the bill for the entire year of 2017 and you can pay it in two discrete installments: "the first one by December 10 and the second one by April 10", explained Amanda Kahn Fried, Policy and Legislative Manager for the San Francisco Treasurer's Office. "This is particularly important for a tax warrant owing and due for calendar year 2018, as a pre-payment in 2017 of these property taxes could be beneficial to a homeowner". Mahoney announced a new "E-tax" initiative.

The Republicans' end-of-year rush to pass this bill has New Jersey lawyers and accountants scrambling to find ways to help taxpayers minimize the harm.

Templeton says a handful of people always prepay their property taxes, but says there's been a noticeable increase this year, even before the bill's final approval. "You have until the last day of the year to make up your mind", he said.

This will allow faster access to the bill for taxpayers who want to take advantage of one additional year of the full deduction on their taxes, Mahoney said in a press release. Payments can be made in person at City Hall, 108 E Green St. or via the payment portal on our homepage at www.cityofithaca.org. Her office is not offering advice on prepayments.

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"Changing the deductibility of local property taxes on New Jersey income taxes is not a sound response to the disaster that is the GOP tax plan", NJPP President Gordon MacInnes said in a statement. If you have not gotten a bill yet, you can call your town or wait for the bill to be mailed out just after Christmas.

Angela Negrone, an accountant at Summer Associates Tax Services, said residents should pay their future taxes before December 31 if they have the money to do so.

This also goes for state income taxes.

Liz Krueger, ranking Democrat of the New York Senate's Finance Committee, said she was exploring potential changes to the state tax code, including replacing the state income tax with a payroll tax paid by employers.

"It's been very hard to have a serious discussion about tax reform and the need to raise additional revenue in the state", Pollina said.

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