DC Allowing Property Owners to Prepay 2018 Property Taxes in 2017

Share

But if property owners can pay their 2018 property taxes by the end of the year, they can still get the previous local property tax deduction from federal income tax bills, allowing for an extra deduction.

There have been no changes to Texas tax law relating to the new federal tax bill, according to a news release from the Tarrant County Tax Assessor-Collector's office.

Some prepayers are depositing more than a year of taxes in advance, while others are paying whichever potion of next year's they can afford, we're told.

Generally, those whose combined property and income tax bills are more than $10,000 - but not those who would be subject to the new Alternative Minimum Tax - would benefit by prepaying some or all of their property tax bill.

Jackson said there is a long, prescribed process under state law that requires an assessment, an opportunity for the homeowner to appeal and state approval of the county tax digest among other steps.

But Joy Ballard, Saline County tax collector, said that isn't possible.

Connolly also warns some people may be tempted to borrow money to make those prepayments.

New Jersey state law permits taxpayers to prepay their property taxes.

"We've never done this before".

More news: Chelsea and Tottenham given fresh hope of signing Everton star Ross Barkley
More news: Mauricio Pochettino: Harry Kane equalling Alan Shearer is massive
More news: CWC members task Rahul with devising comprehensive electoral strategy

The Assessor does not accept payments; this is exclusively a function of the Tax Collector.

Julie Manaois, the deputy tax collector for Alameda County, said her office had seen an 11 percent increase in the total amount of tax collected between January 1 and December 20 of 2017 compared with the same time period in 2016.

"I would recommend that everyone speak to their tax adviser, because everyone's situation is different", he said.

Rhonda Nolan, chief deputy tax collector in Faulkner County, said about a dozen people so far have asked to pay early to maximize deductions. "So we would essentially be giving that money to the city", she said, unless federal authorities can clarify otherwise. "We'll be ready for that", she said.

"Some people are going on credit lines to pay for them and then they're going to have to pay interest on the money that they borrow to prepay the tax, so the calculation is not that simple", he said. It's not uploaded in their system.

When this reality was explained to people, some of them understood, and some of them were "kind of insistent", Hovis said.

"While we emphasize that we can't give you advice whether or not this will be deductible properly or not".

"They are just wanting to prepare themselves for this new legislation that is coming into effect", Scott said of the calls. "You have until the last day of the year to make up your mind", he said.

Information for this article was contributed by Geoff Mulvihill, Christina A. Cassidy and David A. Lieb of The Associated Press and by Emma Pettit of the Arkansas Democrat-Gazette.

Share