Thursday, December 28, 2017

The Word on Prepaying Property Taxes

Yesterday, the IRS issued a statement about prepaying property taxes which indicated that people could deduct 2018 property taxes prepaid in 2017 only if the 2018 taxes have already been assessed. To quote from the document, "A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017." There was an article in the New York Times yesterday based on that statement from the IRS: "Prepaying Your Property Taxes? I.R.S. Cautions It Might Not Pay Off." 

The good news for property owners in Hudson is that the tax bills for the four quarters of 2018 were ready to go out on December 31, 2017. For the past few days, the city treasurer's office has been scrambling to move that up a few days to enable 2018 payments to be made online, beginning tomorrow morning, Friday, December 29, until 11:59 p.m. on Sunday, December 31, by clicking here

Gossips was been advised that, owing to system limitations, the treasurer's office will not be able to accept cash or check payments, but the staff there will be ready, willing, and able to assist taxpayers with making payments online. There will be a flat fee of $2.50 for an echeck or a calculated percent charge based on the amount due if using a credit card.  

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