by James Stefanile, ABR, GRI, SRES, QSC, gCertified, REALTOR/Salesperson, Berkshire Hathaway Home Services New Jersey Properties, Montclair Office
With tax reform looming on January 1st, homeowners with property taxes above $10,000 have just a couple of days to decide whether to pre-pay their 2018 taxes so as to be able to claim the property tax deduction under the old tax code.
Many towns, including Montclair, have extended the tax collector’s hours into Saturday, December 30th to accommodate pre-payers.
The most important thing to do is to consult your tax or financial advisor first (whose phone is ringing off the hook). Having done that, then read this very good article from The New York Times of December 28th. Click to read the article:
The article points out the issue of paying for un-assessed taxes. In Essex County the 4th quarter tax bill is estimated because the Essex County budget is not released until the following new year. There is, therefore, a risk in paying that quarter’s taxes and claiming the deduction. You may want to speak to your township’s tax collector and, again, talk to a financial advisor or tax attorney.