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Wednesday, December 27, 2017
Lakewood Township Now Accepting Pre Payment for 2018 Property Taxes
Basically what this means is that the IRS announced today that you will only get a deduction for the amounts that were already assessed. In Lakewood for example the February 1st and May 1st bills were already assessed and are payable online.
While the township has said they will accept payments in their office for the second half of 2018, that will not help anyone's taxes and will even hurt them on their 2018 NJ return.
Yes Lakewood is happy and willing to accept your prepayments for the entire year, but going into the office to make payments for the second half of 2018 is a bad idea.
The only way that this would work is if Lakewood within the next 24 hours would quickly assess people's bills for the second half of 2018 and then people went in and paid that. There is clearly not enough time for that to happen and therefore anyone who goes into the office to make payments is simply wasting their time and cash flow.
https://www.npr.org/2017/12/26/573628779/why-homeowners-are-scrambling-to-prepay-their-2018-property-taxes
ReplyDeleteDon't do it without consulting with tax professional first, it probably won't do you any good.
ReplyDeletehttps://www.npr.org/2017/12/26/573628779/why-homeowners-are-scrambling-to-prepay-their-2018-property-taxes
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ReplyDeleteLakewood Township has announced that people can come into their office to prepay property taxes since online you can only pay half of 2018.
Bad idea!!!
Letter released by the IRS today
https://www.irs.gov/newsroom/irs-advisory-prepaid-real-property-taxes-may-be-deductible-in-2017-if-assessed-and-paid-in-2017
Basically what this means is that the IRS announced today that you will only get a deduction for the amounts that were already assessed. In Lakewood for example the February 1st and May 1st bills were already assessed and are payable online.
While the township has said they will accept payments in their office for the second half of 2018, that will not help anyone's taxes and will even hurt them on their 2018 NJ return.
Yes Lakewood is happy and willing to accept your prepayments for the entire year, but going into the office to make payments for the second half of 2018 is a bad idea.
The only way that this would work is if Lakewood within the next 24 hours would quickly assess people's bills for the second half of 2018 and then people went in and paid that. There is clearly not enough time for that to happen and therefore anyone who goes into the office to make payments is simply wasting their time and cash flow.