While one property taxpayer actually walked into a New Jersey town hall this week and tried unsuccessfully to prepay 10 years of taxes, federal court precedent seems to indicate that only prepayments of property taxes that have already been billed - which are just the first and second quarter tax bills in most New Jersey municipalities - can definitely be deducted from federal income taxes.
The sudden attack on property-tax deductibility - coupled with a $750,000 limit on mortgage interest deductibility for new buyers and the elimination of tax deductibility on home equity loans - sharply undercuts tax policies created to encourage home ownership that have been in place since the federal income tax was enacted in 1913.
As a result of the Federal Administration's Tax Law changes, today I authorized an advisory to all our residents and positing on the web site that Red Bank residents, after consultation with their financial advisor and CPA, who are adversely affected by the tax law changes, may prepay their 2018 real estate taxes.
To prepay their taxes, residents must fill out an Advance Tax Agreement, available at www.mchenrytreasurer.org.
Homeowners who escrow their taxes with a mortgage company should contact their lender to see if prepayment is allowed.
The tax plan, proposed by Republicans and approved by both chambers of Congress on Wednesday, is headed to President Donald Trump's desk for final approval.
That's because in 2018, the Republican bill will cap property tax deductions at $10,000. "However, the city can not, and does not, provide any assurance or opinion that the IRS will allow these payments to be deductible on federal income taxes for the calendar year ending on December 31, 2017".
In the meantime, don't believe all the myths you hear about New Jersey taxes. They could also turn their state taxes into charitable donations, in which residents could receive a state income-tax credit for the full amount of their gift and qualify for a federal deduction.
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In New York, counties are required under state law to approve a warrant "on or before December 31" authorizing local tax collectors to accept property taxes for the coming year.
"We have no idea what the value or the bill will be next year, so it's an estimate", Wright said. "With that on the horizon, and urgent unmet needs across the state, the last thing New Jersey policymakers ought to be doing is cutting state revenues by an additional $150 million or more a year".
That office will accept payments via cash, check or money order.
The town will be mailing 2018 general tax bills to residents in January, as is the usual schedule.
Any 2018 estimated payments would be in addition to those payments. Vermont could consider an income tax surcharge on wealthier residents who will see their federal tax burden lowered, Pollina said.
"California is treated very poorly with this new tax bill", said Larry Stone, the Santa Clara County Assessor.
Lesniak said Friday that separate legislation he has sponsored to close corporate tax loopholes could cover the cost of the tax break.
A Democrat, Cuomo has railed against the GOP tax plan for weeks.