Gov. Hutchinson: Prepayment of Property Taxes up to County Officials

28 December, 2017, 01:10 | Author: Kim Reid
  • Trump holds an example of the ideal size of a tax form.      Evan Vucci  AP

A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017. Submissions must include a Notice of Intent for Prepayment of Levy Year 2018 Taxes. In many parts of the United States, property taxes are not a big deal.

Middle and higher income-earning taxpayers likely would benefit most from making early tax payments, said Joseph Schaeffer, a certified public accountant in Bethlehem. Those on the installment plan may be able to submit their February and March payments to the city in order to beat the December 31 deadline.

And as much as the tax collectors appreciate a prompt payment, "We cannot do that", Belden said.

In most cases, they're aiming to pay their taxes for both 2017 and 2018 before calendar 2017 comes to a close, since the new cap goes into effect in 2018. Proponents of the plan say that a cut in taxes for corporations will allow for greater investments in polyesters and fuel economic growth. The tax-cut law goes into effect on January 1.

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In Ridgewood, Mayor Susan Knudsen said the village is accepting early payments, as several residents requested. Since there is now no limit on this deduction, people are rushing to prepay their property taxes before the cap kicks in at the turn of the new year.

Residents Flock to Pre-Pay 2018 Property Taxes Before the New Year - Seek to Avoid Loss of Deductions Before Changes to Federal Tax Code Take Effect.

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.

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. The average borough home is assessed at about $803,000, and homeowners pay almost $20,000 in annual property taxes, according to the state's Department of Community Affairs. "We are all in this together, and I will make available on an as needed basis our county staff to support the efforts of our local towns as they respond to the influx of residents".

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Christie's move is similar to an emergency order New York Gov. Andrew Cuomo issued in his state Friday that taxpayers there to prepay their 2018 taxes. But the NY county with the highest property taxes, Westchester, has admitted it won't be able to get its act together before the New Year comes.

And school districts - which demand the major chunk of property taxes - are not allowing prepayments either, which has taxpayers jamming the call queue at collection agencies like Keystone Collections Group.

"Property owners wishing to pay in advance are advised to contact the county officials where the property is located", he said. Prepaid taxes are also only estimates - once bills are finalized next year, residents may owe more or they may be issued refunds by the township.

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