Hennepin Co. extends hours as more Minnesotans prepay property taxes

Andy Kiersz  Business Insider

Andy Kiersz Business Insider

And she says that only applies to property taxes because the new law doesn't allow people to pre-pay income taxes.

"As Washington wages an all-out assault on this state and this nation, I have authorized local governments to allow property owners to pay part or all of their taxes early", Cuomo said. The new federal tax law that will take effect limits the deduction on state, local and property taxes to $10,000. (Many now taking the deduction could also decide to stop itemizing, especially given the new system's boost in the standard deduction for non-itemizers).

Of the roughly 120,000 tax bills the county sends out, only 15 to 20 people prepay for the next year, and those are usually the same 15 to 20 people each year, he said. It directs towns to accept prepayments through December 31.

If you got your tax bill already, payments can be mailed to your municipal tax collecting office as listed on your bill.

If you want to beat the deadline, contact your town tax collector to find out the amount due.

According to the Florida Tax Collectors Association, no 2018 taxes can be prepaid in 2017 because next year's property tax millage rates won't be set until September.

Meanwhile, accountants and lawyers are scrambling to understand the new tax bill and its ramifications so they can advise their clients. More than 10 percent said they were extremely likely to seek deductions, and more than 15 percent said they were very likely to seek deductions.

In recent days, Tax Receivers across Long Island have experienced a significantly higher volume of constituent questions and requests from taxpayers who seek to pre-pay their next year's property taxes ahead of the upcoming changed in the federal tax code. But it was silent on prepayment of property taxes.

Next year under the new tax plan, this will not be possible, so people are taking advantage of this expiring tax break.

And school districts - which demand the major chunk of property taxes - are not allowing prepayments either, which has taxpayers jamming the call queue at collection agencies like Keystone Collections Group.

"We are getting a ton of phone calls, a ton of emails, and a lot of traffic in person", Montclair tax collector Lidia Leszczynski told NJ Advance Media in a phone interview Wednesday.

Using credit or a loan to cover your tax bill could wipe out the potential benefit of prepaying.

The three counties with the highest median property taxes are all in New York: Nassau, Rockland and Westchester counties near New York City.

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