Jersey City to allow residents to prepay 2018 taxes

As a result of the Federal Administration's Tax Law changes, today I authorized an advisory to all our residents and positing on the web site that Red Bank residents, after consultation with their financial advisor and CPA, who are adversely affected by the tax law changes, may prepay their 2018 real estate taxes.

"Why would we look at the speck in Washington's eye and ignore the boulder in our own?"

But New Jersey Policy Perspective, a liberal think tank, described the tax break idea as misguided.

Unlike other counties, Orange County residents can pay their 2018 county and town property taxes before the Congressionally approved federal tax revisions go into effect on January 1, which could help some taxpayers save money - at least next year. Fairfield County is one of nine counties in the nation with an average tax bill higher than $10,000, according to a report by ATTOM Data Solutions.

The proposal already has bipartisan support in the state Legislature. Sen.

The new legislation passed by Congress sets limits on the amount of state and local taxes homeowners can deduct. That could help the state, which typically starts the year off with deficits, capture some of the tax savings they'll see, according to the lawmaker. As such, there is no tax due and owing for 2018 at this time, and therefore there is no obligation against which payment may occur. But if you pay quarterly estimated taxes - common for freelancers - or if you expect to owe more in 2017 state income tax than you've been withholding from your paycheck, it could make sense to make an estimated state tax payment before the end of the year. That's important if you expect your state and local taxes will be greater than $10,000 next year, which means not all could be deducted.

The tax bill will also lower the cap how large a mortgage you can have in order to deduct mortgage interest, from $1 million to $750,000.

Legislators say states could replace the income tax with payroll tax that are levied on employers.

Liz Krueger, ranking Democrat of the New York Senate's Finance Committee, said she was exploring potential changes to the state tax code, including replacing the state income tax with a payroll tax paid by employers.

"We are making no judgment as to whether that is acceptable or not to the IRS", Wright said.

New Jersey state law permits taxpayers to prepay their property taxes. But ultimately, it will be up to the IRS whether to allow the deduction.

Across the state, some counties are rushing to get their tax warrant approved to allow bills to go out early. Union contracts guaranteeing certain wage levels could be a challenge, as would explaining salary cuts to workers.

Paper tax bills will still be mailed, but they will not arrive in most people's mailboxes until Saturday, December 30. In Contra Costa and Santa Clara, you can pay your tax bill online right up until 11:59 p.m. on December 31.

One possible exception: If you live in one of the state's "Big 5" urban school districts - including Rochester, Buffalo and Yonkers - you may be able to pay your remaining tax installments before the end of the year, state Budget Director Robert Mujica said Friday.

(Copyright © 2015. All Rights Reserved.)
 
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