Legislation Allows Homeowners to Prepay Property Taxes

Legislation Allows Homeowners to Prepay Property Taxes

Spotlight News – Government

Doing so will allow property owners to deduct those taxes from their 2017 federal taxes, ahead of the 2018 tax reform plan that will limit such deductions for 2018.

County governments have until midnight on Thursday to make this happen. Cities and town in Erie County notified Channel 2 that they were waiting until Tuesday afternoon for those tax warrants. The Amherst Town Clerk took time to explain what the tax warrant means for tax payers. Marjory Jaeger made it very clear that the 2018 tax warrant does not give tax details for each property, it just gives them authorization to collect. So, taxpayers wishing to prepay need to estimate their payment, based on their tax bill for prior years.Institutional Portfolio Favorite in Spotlight: Berry Global Group, Inc. (NYSE:BERY) It is positive, as 57 investors sold BCR shares while 239 reduced holdings. 40 funds opened positions while 109 raised stakes. On Monday, June 26 the stock rating was upgraded by SunTrust to “Buy”. (NYSE:P) on Friday, October 23 with “Neutral” rating.

Spotlight News – Government

People Get Jump On Tax Plan By Paying Property Taxes Early

Thanks, Jill Martine!!And happy holidays to you!!!

Before mailing a payment, residents must print a Notice of Intent form located on the websites, fill it out, sign it, and mail it with their payment to the Treasury Office: ‪255 Rockville Pike, Suite L-15, Rockville, MD 20850‬.The new tax law signed last week by President Donald Trump caps state and local tax deductions at $10,000 dollars.Editor’s note: Tax Watch columnist David McKay Wilson is checking with municipalities in Westchester, Rockland and Putnam about if and how property owners can prepay property taxes. This is an evolving list. Come back later for updates.  

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Crowds Line Up To Prepay Property Taxes On Long Island

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Paying NYC Taxes Now Is 'No Brainer' After GOP Bill, Expert Says

Each local tax collector will accept pre-payments of warranted taxes from property owners until the close of business on Friday, December 29, 2017.

In Suffolk, where property owners were able to prepay their general taxes before Cuomo’s executive order, town officials reported increases in payments, compared this time last year.
The bill requires the county to refund any amount paid that is greater than the property tax owed and would permit the county to bill the property owner for any amount of the prepayment that is less than the 2018 property tax once it is finally determined.
Two towns – Southeast and Patterson – will continue their practice of allowing the payment of taxes before the new year. 

Residents rush to pay property taxes before new federal tax code takes effect

[Montgomery County passes expedited bill allowing prepayment of property taxes]The action follows Gov. Andrew Cuomo’s executive order which allows the prepayment, as long as a tax warrant is issued. School taxes for 2018-2019 are not part of the prepayment discussion because votes on school budgets don’t occur until May, 2018. 

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The Rockland municipal officials made the announcement Tuesday morning, following a conference call of all five town supervisors. The prepayment in Rockland will cover town, county and special district taxes, such as sewer system levies.

County Treasurer Carla de la Pava told the website ARLNow.com that it has received an unprecedented volume of prepaid payments in the aftermath of the tax bill’s passing. De la Pava said the treasurer’s office puts the deposits in “very safe” investments, which earn a small return for the jurisdiction. The county says it accepts payments on “active Real Estate” accounts. Residents are asked to email treasurer@arlingtonva.us or call 703-228-3090 with questions.

Long Island town tax receivers arrived at their offices early Tuesday morning after a long holiday weekend to find property owners had beaten them there, hoping to prepay their 2018 taxes to take advantage of possible deductions this year before the new federal tax code goes into effect.

CBS2 reached out to the governor’s office and the IRS, but there was still no definitive answer late Tuesday. But tax experts said they expect at least the school portion of property taxes to be accepted, because the bills were sent out to the frustrated and anxious residents in 2017.Clavin has staff prepared to answer questions about hours of operation, payment locations, payment options (cash, e-Check, credit card, check) and other issues related to the early payment of second half school taxes and 2018 general taxes (staff will not be able to advise property owners on income tax questions, including eligibility for deductions).long lines at the County government center. Other counties also reported taxpayer interest in prepayment of taxes.

UPDATE: Prepaid property taxes in Concord rolling in

Online payments can be made until 11:59 p.m. on Sunday, December 31, 2017. Mailed payments must be postmarked on or before December 31, 2017.

Oswego County homeowners can now prepay 2018 property taxes

With a $10,000 cap on state and local tax deductions looming in the new year, some residents of high-tax states like New York are hoping to pay their 2018 property taxes before Dec. 31 so they can write them off in full under the old rules on their 2017 federal income taxes.

Important federal tax changes relating to property taxes

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Worse yet, there is uncertainty because the IRS has yet to announce whether it will even accept the prepaying of taxes for 2018 on residents’ 2017 federal returns.new federal tax law and its potential impacts on property taxes.

Gray says people can view their bills online as of Tuesday.

nearly doubles the standard deduction to $24,000 from $12,700. Taxpayers generally take the standard deduction if all their deductible expenses add up to less than that number.Component Version: 2017-12-22T00-29Z

Taxpayers pack receivers' offices for early payment after GOP overhaul

If the answer is “yes,” it might.

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No Prepayment of Taxes In Pleasantville

[Sweeping tax overhaul clears Congress]Residents of other towns must contact the tax collector to determine if prepayments will be accepted. In cases where the Receiver of Taxes has not received such a warrant (such as the school districts in the towns of Bethlehem and Guilderland), they will not be able to accept early payment.The move will likely help New Yorkers get around a provision in the new Tax Cuts and Jobs Act, the federal tax overhaul President Donald Trump signed on Friday, that limits deductions for state and local property, income and sales taxes to $10,000 starting in 2018. Taxpayers who itemize their deductions can currently deduct the full amount of those taxes.

Californians line up to pay property taxes before 2018

The efforts may be futile because the IRS has not ruled on whether 2018 local tax prepayments will be deductible in 2017 federal tax returns. IRS representatives did not respond Tuesday to an email requesting comment.

To help New Yorkers do just that, Gov. Andrew Cuomo issued an executive order on Friday suspending portions of state law that restricted local municipalities from issuing property tax bills and collecting taxes early.

In the Washington D.C. suburbs, WTOP found a line of hundreds snaked through a local government building in Fairfax, Virginia, looking to prepay their 2018 bills. Fairfax County officials, strained by the crowds, are telling people to wire the money instead. In nearby Arlington County, Chief Deputy Treasurer Kim Rucker told local television station Fox 5 that the increased pace of residents looking to cover 2018 tax bills ahead of the year has prompted hundreds of calls during the normally quiet Christmas period, and dozens of prepayments a day.There was also chaos in the parking lot, with not enough spaces for everyone trying to prepay part or all of their 2018 property taxes.

a guide to early prepayments for city residents. Zillow puts the median currently listed home price at $550,000 in the nation’s capital, meaning many of the city’s itemizing homeowners will be affected by the cap. Bowser, in a statement, vowed to use "every tool in our toolbox to protect Washingtonians from the negative impacts" of the new law.Instructions and more information on property tax prepayment for 2018 can be viewed here.

Dec 26, 2017 Ali Hibbs Albany County, Bethlehem, Government, Guilderland, News, Towns 0In Ulster, County Executive Mike Hein said he’s directed the county’s finance commissioner to “expedite all necessary actions and procedures to eliminate any county impediments to accepting property tax pre-payments.” Payments need to be made out to the town you live in.

While others may be taking time off during a week normally set aside for the holidays and ushering in the New Year, Hempstead Town Receiver of Taxes Don Clavin said his staff are at the ready to assist and accept payments for those seeking to pay their 2018 general and second-half school taxes before Jan. 1, 2018. By doing so, taxpayers may be eligible to deduct the payments for federal income tax purposes on their 2017 returns. If property owners wait until the 2018 due dates to make their 2018 general and second-half school tax payments, they will likely not be able to deduct the full amount of property taxes on their 2018 returns under the new federal tax code.

Gov. Andrew Cuomo’s executive order that mandates property tax warrants be available early so taxpayers can pay their 2018 property tax bills in 2017.


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