Published: Sat, December 23, 2017
Sport | By Stuart Potter

McHenry County residents swarm treasurer's office to pay property taxes early

McHenry County residents swarm treasurer's office to pay property taxes early

Homeowners can not prepay the local income taxes and the state taxes in 2018 to take advantage of present laws.

The tax assessor-collector's office will try to estimate what the 2018 tax bills will be, for those who are interested, but caution that property has yet to be appraised for next year. But Congress was silent on the prepayment of property taxes, said Stephen Acquario, executive director of the New York State Association of Counties.

"The Township's Solicitor has reviewed this matter and concurs with this position".

Lori Scott, the county's treasurer-tax collector, said the calls have been spurred by experts weighing in on what folks should do to prepare for the new tax law, which President Donald Trump signed into law Friday.

Manaois said she expects a line trailing out of the office on Friday evening.

When it comes to state income tax, the GOP tax bill has provisions written into it preventing people from getting any deduction by pre-paying their 2018 tax bill.

Q: Can I pay early in NY?

Borough Clerk Pam Borghi tells redbankgreen that, prior to the announcement, no one would have been prohibited from paying 2018 taxes this year. Within that bill are newly imposed limits on the amount of local and state taxes you can deduct.

The average tax bill in Stamford for single-family properties is around $11,000, and more than 8,500 homeowners receive tax bills of more than $10,000, according to the city.

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Stone recommended that people talk to their accountants or a tax preparation specialist before deciding what to do. "With that on the horizon, and urgent unmet needs across the state, the last thing New Jersey policymakers ought to be doing is cutting state revenues by an additional $150 million or more a year". Under current law, the interest deduction for home loans applies to mortgages up to $1 million.

Next year, there will be a new, lower tax rate for certain revenue streams.

Consider donating more to charity before December 31.

The sudden attack on property-tax deductibility - coupled with a $750,000 limit on mortgage interest deductibility for new buyers and the elimination of tax deductibility on home equity loans - sharply undercuts tax policies created to encourage home ownership that have been in place since the federal income tax was enacted in 1913.

The people who collect taxes in NY are acting fast to help taxpayers try to get ahead of a pitfall for homeowners in the new federal tax overhaul.

"Payments you make this year are deductible this year", Cuomo said on a conference call with reporters.

So would those who will be taking the new standard deduction of $12,000 for individuals or $24,000 for couples next year and would not be able to claim any state or local tax deduction.

If you own a pass-through business, like a law firm or a doctor's office, consider waiting to send your end-of-year invoices until the first days of 2018. The first prepayment was made by an attorney about two weeks ago, when the bill was first passed by a narrow Republican majority in the U.S. Senate.

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