Although Lakewood has not released information or guidance about the new tax plan signed into law, the following was released by Jackson Township.
Dear Residents, The pending enactment of the federal “Tax Cut and Jobs Act of 2017” has resulted in many calls to the municipal building asking if the Township would accept pre-payment of 2018 property taxes.
Apparently, the new federal tax law places a deduction limit of $10,000 for local property and state income taxes. We do not know if pre-payment of property taxes will be of any advantage to you in your future federal tax filing. The Township has received no guidance on this matter and you should consult your tax professional for more information.
However, if you want to pre-pay your 2018 property taxes, we will accept the pre-payment. Please note if you are paying on our website you are only able to pay the 1st half of 2018. If you wanted to pay over and above that, it would need to be in the form of a check. In order for your payment to be recorded in 2017, we must have your check or electronic payment by 4.30 pm on Friday, December 29, 2017. If you drop your payment in the drop box after this time, it will not be posted until 2018.
Furthermore, please be aware that we cannot reimburse pre-payments. They would simply be used as credit for future property tax bills.
Thank you, and best wishes for a healthy and happy holiday season.
Respectfully,
Mayor Michael Reina
What about lakewood?
Just leep in mind. Even if you itemize deductions prepaying taxes wont benefit you if youvwere subject to AMT.
Unless it changed, the IRS said specifically that prepayment of 2018 taxes would not be deductible against your 2017 taxes. But paying your 2017 estimates state taxes now would be.
You are incorrect..! (What is your source?)
The law says that you won’t get benefit for preparing state income taxes. It doesn’t discuss property taxes
Just because the township is accepting money doesn’t make it tax deductible. Of course they would accept money early.
Don’t be fooled into prepaying something you don’t need to.
… can you prepay your 2018 Eiruv Dues in Jackson?
They need all the tax money they can collect to fight the Mounting Law Suits and investigations they are Facing and in the end Jackson will become more Jewish than Lakewood