Earlier this week, we reported from the Jackson Township’s Mayor with regards to pre-payment of the 2018 property taxes.
The Lakewood Tax Collector’s Office today said it would accept 2018 pre-payment as well, though there’s no official guidance available as to whether the pre-payment will serve to any advantages based on the new tax plan signed into law.
Township Tax Assessor Ed Seeger tells TLS his office has received several call about it, and has advised people to call the Tax Collector’s office.
The following was released earlier by Jackson:
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.
For those thinking of prepaying..There is a proposal in The NJ senate that officially has bipartisan support to allow you to deduct state taxes on your state income tax not sure when it would take effect…
this article is written somewhat misleading: There IS a large advantage to paying next year now (while still benefiting from old tax rule) if you can monetarily manage to. HOWEVER, the township office is saying that it will not be offering guidance in the matter (and hint hint dont bother them with questions, perhaps) rather seek guidance with you accountant
MOSDOS will similarly encourage everyone to accelerate all donations into 2017 for taxpayers whose standard deduction will be larger than itemizing 2018 onward- which will be many people due to the massive increase to the standard deduction under new tax law.