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.
Hundreds of Floridians are asking if they can pay their property taxes early.
"What I have told people is if you have received a bill for a 2018 property tax then certainly go ahead and pay it now".
New Jersey homeowners have good reason to be nervous about the Tax Cuts and Jobs Act, which caps at $10,000 the amount of state and local taxes they can deduct on their federal income tax return.
The Washington County Tax Collector's office said it would not be accepting prepayment of property taxes.
The state Tax Collectors' Association also weighed in on the issue in a December 20 memorandum, saying prepayment of 2018 taxes is "expressly prohibited" by Pennsylvania law. Many local tax receivers here have announced they will accept prepayments on December 29. And Montgomery County has declared that none of its municipalities can accept early tax payments.
Benz pays almost half that amount - $4,775 - on local real estate taxes alone for his Foster Township residence and three adjacent land parcels.
'Star Wars: The Last Jedi': Theaters issue warning over silent scene [Spoilers]
Some questions from The Force Awakens were finally answered and new questions were set up for future movies to answer. In spite of this, the movie is still projected to outshine the likes of The Avengers when all is said and done.
Taxpayers need time to understand the implications of the new tax law but don't have that time - at least on taking action to pull as many itemized deductions into this year - said Ron Youngs of Clifton, Va.
Not all cities and counties allow homeowners to pay taxes that haven't been levied yet. Some families, such as those who have paid off their homes, would maximize deductions one year and file the short form the next to take advantage of both methods.
By contrast, Agawam, Mass.is mailing property tax bills a few days early this year so people can know the amount if they want to prepay.
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. County B intends to make the usual assessment in July 2018 for the period July 1, 2018 - June 30, 2019.
Christie, a lame duck who will leave office mid-January, has also recommended changing New Jersey's tax deductions to make property taxes on state income tax returns completely deductible.
A release from Oswego County notes that property owners considering paying their 2018 taxes this week should consult with their tax preparer.
Tax offices in different places around the country have very different positions on whether they would accept prepayments. 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.