Montgomery County Council OKs property tax prepayment in emergency vote
28 December, 2017, 00:52 | Author: Katrina Soto
Before, if someone paid $24,000 in property taxes - as some people in higher tax states like NY and California do - and then paid $20,000 in state and local income taxes they were allowed to deduct $44,000 on their federal tax return.
The federal tax plan, signed into law today, caps the deductibility of state and local taxes at $10,000, effectively raising property taxes and reducing home values in NY and in states across the country.
Homeowners in the D.C. area with some extra money on hand are hustling to prepay their 2018 property taxes before the new tax law takes effect January 1.
A spokesman for Keystone Collections, which is based in Westmoreland County, said tax collectors are not permitted under state law to accept payments until they have a bill in hand from the taxing authority.
This will allow New Yorkers to pay their property taxes for 2018 in the 2017 calendar year and allow localities to accept advance payment so that property owners can deduct the full amount of their payment at the federal level. Rockland County first gave its towns the green light to start collecting next year's taxes on Wednesday afternoon, following an executive order issued last week by Governor Andrew Cuomo allowing counties to do so. Proponents of the plan say that a cut in taxes for corporations will allow for greater investments in polyesters and fuel economic growth. Liberty Tax also wanted to learn about actions taxpayers may be taking during the close of 2017 as they weigh tax bill changes that might affect their liability or tax refund.
At least two Westchester towns - Bedford and Cortlandt - will accept prepayment of town taxes later this week, according to Cortlandt Supervisor Linda Puglisi and Brian Healy, senior office assistant to Supervisor Chris Burdick. Most hope forking over a lot of cash now will save them money later.
Julia Colby, right, of Alexandria, Va., prepares a 2018 tax payment on December 27, 2017 on a house she owns in Fairfax County, Va. Auburn's 2018 county tax bill is a 1.36-percent increase from 2017.
Before you get too far, make sure your municipality will allow it. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor to many charitable causes.
Cuomo today issued an emergency Executive Order to help protect property owners in NY from the devastating impact of the GOP tax bill. In other words, this has become a political issue no one really anticipated, at a time of year when most people are not giving much thought to their local governments.
The IRS hasn't yet said how it would handle prepayments.
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