Friday, 19 October, 2018

Florida law prohibits pre-paying 2018 property taxes

President Donald Trump displays the $1.5 trillion tax overhaul package he had just signed Friday Dec. 22 2017 in the Oval Office of the White House in Washington. Trump touted the size of the tax cut declaring to reporters in the Oval Office before Why Homeowners Are Scrambling To Prepay Their 2018 Property Taxes
Jay Anderson | 28 December, 2017, 01:10

High on their lists was giving to charity, with almost 50 percent suggesting they are likely to increase their 2017 charitable contributions, which can be tax deductible."At Liberty Tax, we recognize tax reform as an issue of concern to taxpayers", said Liberty Tax CEO Ed Brunot. The deadline to make contributions for individual retirement accounts - which can be used by some taxpayers on 2017 tax returns - is the April 2018 tax deadline. He wanted to prepay this amount for 2018, with the understanding he would owe more next year if the Hazleton Area School District imposed a tax hike this spring.

Last December, the county received about 1,000 prepayments total.

Tax bills will still be sent out by the county following the usual schedule - tax bills for property owners in Cayuga County towns will receive their bills in the mail during the first week of January and landowners in the city of Auburn will receive their bill the week after. On Wednesday, homeowners were lining up in droves at tax collection offices there, hoping for one last chance to take advantage of a major tax deduction before it is wiped out in the new year.

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. Other county tax collectors have reported a similar floods of inquiries, too. State or local law determines whether and when a property tax is assessed, which is generally when the taxpayer becomes liable for the property tax imposed.

The IRS hasn't yet said how it would handle prepayments.

The three counties with the highest median tax bills in the country - Nassau County, Rockland County and Westchester County, which are all in NY - have median tax bills exceeding the $10,000 cap, according to the Tax Foundation.

"It's all the phone calls we've been getting about the next tax law".




The Office of the Tax Collector is accepting prepayments in check or money order only, according to the county.

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 Governor authorized local governments to immediately issue warrants to levy property taxes by the end of the year.

Pre-paying your taxes could help if you itemize instead of taking the standard deduction, and if you normally claim more than $10,000 in state and local taxes, said James Guarino, a CFP at MFA - Moody, Famiglietti & Andronico. However, the law almost doubles the standard deduction, which may mean that fewer taxpayers will itemize.About 35 percent said they would likely increase medical expenses and the state and local income and sales taxes.

Call your municipality tax collector - lists are found on county websites. In New York, Gov. Andrew Cuomo signed an executive order that allows residents to make prepayments.

Still some in line in Fairfax County were practically jubilant about paying their tax bills.

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