Council vote allows prepayment of 2018 property tax

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Many state residents are scrambling to pay their taxes before a $10,000 cap on state and local tax deductions goes into effect.

People in some communities are trying to effectively delay that hike for a year by paying their 2018 taxes in advance, though it isn't clear whether doing so will pay off. In Tenafly, N.J., where the average borough home is assessed at $800,000, homeowners pay almost $20,000 in annual property taxes, and a similar situation holds true at the Jersey Shore, according to New Jersey's Department of Community Affairs.

Several towns in New Jersey are accepting prepaid taxes.

Contributing: Steve Janoski, The (Bergen County, N.J.) Record; Jason Stein, Milwaukee Journal Sentinel. Meanwhile, in high-tax states like NY and New Jersey, homeowners are flocking by the hundreds to local tax collector offices in hopes of cashing in before the new year. In Passaic and Morris counties, it's between 35 and 40 percent of homeowners.

The Montgomery County Council approved Tuesday an emergency measure to allow residents to prepay their 2018 property taxes.

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Those payments must be credited as received in 2017 as long as they are postmarked on or before December 31, Christie says.

You can also pay in person at your corresponding municipal tax collecting office. The average borough home is assessed at about $803,000, and homeowners pay almost $20,000 in annual property taxes, according to the state's Department of Community Affairs.

Some advice: Should NJ homeowners prepay 2018 property taxes?

Pre-paying your taxes could help if you itemize instead of taking the standard deduction, and if you normally claim more than $10,000 in state and local taxes, said James Guarino, a CFP at MFA - Moody, Famiglietti & Andronico.

Benz said Wednesday that he understood but did not agree with the legal restriction. Rep. Tom MacArthur (R-3) is the only member of New Jersey's congressional delegation to have voted in favor of the tax bill and was a champion of the deduction that made its way into the final bill.

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Homeowners are smart to do whatever they can to save some money in the short term, but without a legislative fix, this is, at best, one-shot relief.

The answer is no, because those tax values haven't been assessed yet. Which means Congress needs to address this issue in January of 2018.

The Republican tax bill marks the culmination of Trump's first major legislative achievement as president almost one year into his first term. Only 26 percent of Americans approve of the Republican plan, while 47 percent do not, according to a Monmouth University Poll released December 18. But the NY county with the highest property taxes, Westchester, has admitted it won't be able to get its act together before the New Year comes. Yes, they are Democrat-leaning states, but that should have no bearing on federal tax policy.

He said he is already working with local and state officials to "determine how we may be able to help mitigate this latest assault from the president". Now Republicans have done the same thing, except unlike the ACA which expanded medical coverage to millions, the GOP tax overhaul will hurt millions. The change could cost some homeowners, especially those in high-tax states, thousands of dollars. The SALT deduction must be restored.

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