Residents in high-tax states rush to file property taxes before new rules take effect

[edpc]

Homeowners in high-tax states are scrambling to prepay their 2018 property taxes this year before President Donald Trump’s overhaul goes into effect.

Residents in New York, like others around the country, are rushing to file because the new tax code, signed into law last week, limits the amount of state and local taxes people can deduct on their federal returns, according to Donald Clavin, town receiver of taxes in Hempstead, New York. The change could cost some homeowners, especially those in high-tax states, thousands of dollars.

“Under the new federal tax code, many Long Islanders are going to lose out on valuable tax deductions,” Clavin wrote in a statement Tuesday. “In our office, we’ve helped a significant number of taxpayers during the holiday season who are seeking to get the ‘gift’ of a tax deduction before the opportunity runs out.”

https://www.yahoo.com/gma/york-residents-rush-file-property-taxes-rules-effect-114803514--abc-news-topstories.html

[edpc]

Looks like some people don’t want to pay their ‘fair share.’

[Bigun]

Looks like tax reform is helping those deep blue, high tax states after all! 

Tax deadbeats now rushing to get them all paid up while they can still deduct them. They will probably see a large decrease in tax delinquencies and a lot more cash this year.

[Night Hides Not]

Looks like tax reform is helping those deep blue, high tax states after all! 

Tax deadbeats now rushing to get them all paid up while they can still deduct them. They will probably see a large decrease in tax delinquencies and a lot more cash this year.

In typical fashion, these states and municipalities will not realize the surge in property tax receipts will mean an equal decline in revenues in 2019.

[Bigun]

In typical fashion, these states and municipalities will not realize the surge in property tax receipts will mean an equal decline in revenues in 2019.

You are EXACTLY right!  They will spend it all and complain when it disappears next year.   

[Concerned]

In typical fashion, these states and municipalities will not realize the surge in property tax receipts will mean an equal decline in revenues in 2019.

I fear you’re right (but I’m still paying mine tomorrow).