Even before President Donald Trump signed the GOP tax plan last week, homeowners around the country were asking if they could submit prepayment for their 2018 property taxes. Now one Philadelphia suburb is making it clear that its residents can’t skirt the upcoming tax changes with an early payment.
The new tax plan puts a $10,000 cap on the deduction for state and local taxes, including property – essentially doubling the standard deduction. It’s a change that has caused a flurry of activity in high-tax states like New York, where Gov. Andrew Cuomo – a Democrat and frequent critic of the Trump Administration – took steps to allow residents to prepay their taxes, according to The Hill.
In our area, the Lower Merion Tax Collector said in an email to the Main Line Media News that it is not possible for homeowners in the tony suburb to pay their 2018 property taxes before the end of this year.
However, some other states are allowing residents to prepay their 2018 property taxes.
The Hennepin County Government Center in Minnesota has extended hours to allow property owners to prepay 2018 property taxes in person before calendar year 2017 ends. The reason is a result of the new federal tax law and its potential impacts on property taxes, Minnesota Public Radio reports.
Tax officials in New York say they are inundated with calls from residents seeking to avoid fallout from the GOP tax plan after New York Gov. Andrew Cuomo (D) signed an executive order to make sure residents could prepay next year’s taxes.
The New York Times reports that residents fearful of the plan’s cuts to state and local tax deductions have flooded local tax officials with calls seeking assistance with filing taxes.