Homeowners Rush to Prepay 2018 Property-Tax Bills

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In New Jersey, state Senate President Stephen Sweeney has asked Republican Governor Chris Christie to make it easier for residents to pay their entire 2018 property-tax bill by December 31. By doing this, it's possible some property owners could deduct their local property taxes from their federal tax bill under existing tax rules before new regulations that place restrictions on property tax deductions go into effect in 2018.

The federal government's treatment of taxes paid to state and local governments is among the biggest changes. Cuomo directed the state Department of Taxation and Finance to work with local governments to facilitate early tax collection. "The executive order that was issued late last week merely authorizes the quickening of a tax warrant release process to, presumably, allow residents to "pre pay" or pay in 2017 the tax obligations for the tax year that commences January 1, 2018".

Officials say it would be wise to check with a tax professional before considering early payment of taxes.

Under the old law, taxpayers who itemize could fully deduct all the state, local and property taxes they paid.

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Each local tax collector is now authorized and directed to accept partial payments of warranted taxes from property owners until the close of business on Friday, Dec. 29, 2017.

"This is a historic moment for workers, families, and job creators in Western New York", said Collins.

Oswego County leaders say they've prepared 2018 property tax warrants early and is making them available to local tax collectors. Bills have been printed and given to town tax collectors, but will likely not arrive in mailboxes before the end of the week. "Fortunately, today's decisive action by Governor Cuomo will assist our members as they help their residents deal with the negative financial impacts federal tax reform will have on millions of New Yorkers". "If interested in this option, we urge residents to take advantage of the convenience of online and mailing options".

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