Economy

Stamford mayor's office advises residents to pay taxes early

Stamford mayor's office advises residents to pay taxes early

Tax collectors in many states are seeing a surge in property tax prepayments before 2018 in an effort to cash in - for one past year - on a deduction that the coming tax overhaul will limit.

On Friday, President Donald Trump signed a tax reform into law marking his first piece of major legislation since taking office. "One thing we do know, however, is that by limiting income and property tax deductions to $10,000, it will indeed raise taxes", Bowser said in a statement.

County staff will provide details on how to make the prepayment at Tuesday's meeting. They can write off up to $10,000 in property taxes, income or sales taxes paid or a combination of property and sales or property and income taxes.

County officials made the decision Friday morning, after dozens of local property owners called county offices asking to pay early.

Regardless, municipalities from Elizabeth to Alpine to Belmar report that residents are showing up with checkbooks to prepay at least the first two quarters of next year's property taxes.

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The answer is yes, the city will accept advance payments before the end of the year - but it can't promise the IRS will allow those payments to be deducted on 2017 federal income taxes.

"Phones and emails have been going off like insane because a lot of people are hearing about the real estate property tax deduction, hearing about all the changes and wanting to know what to do." said Gail Rosen, a CPA at Wilkin & Guttenplan P.C.

"We may see be a big push toward forming and conducting business through the corporate form", Jones said. In towns and villages in this area, almost all the residential property tax bills are more than $10,000. But this year, "we've had quite a bit of activity", she said.

Arkansas' tax collectors also have drawn a red line, citing state law. It's suggested for people to stop by in person to pay the bill, with a request to date the check for December 30, 2017.

"We don't even have those amounts", Nolan said.

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To help expedite the process for taxpayers, Mrs. Burns said her office is implementing new software through the county Real Property website that will allow property owners to go online and view their bills, rather than going to the town tax collector.

When this reality was explained to people, some of them understood, and some of them were "kind of insistent", Hovis said.

To that man, Hovis said, "I wish you luck".

He said his administration would contact local governments and school districts to urge them to send out estimated tax bills for 2018 to allow taxpayers who have the financial resources to consider making a pre-payment.

"While we emphasize that we can't give you advice whether or not this will be deductible properly or not".

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