The impending revisions - which could be signed into law by President Donald Trump as early as Friday - will let households deduct no more than $10,000 in combined state income and property taxes on their federal tax returns.
The Washington Post reports that county officials dropped a plan to allow prepayment, saying it was unworkable on a tight timeframe. Many more taxpayers next year will be taking the standard deduction, which almost doubles to $12,000 for singles and $24,000 for couples - especially because they'll have less incentive to deduct state and local taxes.
"If you were to try and pay 2018 taxes now, the check would end up being sent back to you", said Mina Martinovich, Marin County's assistant director of the Department of Finance. The bill has a number of changes which could make owning a home a much more expensive proposition for a few taxpayers.
Most schools, villages and cities are generally on a different fiscal year, which means their budgets won't be approved until after the new federal tax rules take effect.
To counter that, some Arlingtonians are planning to take a higher deduction on their 2017 taxes by prepaying their property tax for future years.
Property tax bills generally go out in the fall, with half the taxes due by early December and the other half due by April. One of the new provisions will allow households to deduct no more than $10,000 in combined state income taxes and property taxes on their federal tax returns, a cap that will likely hit high-tax states like NY harder than others. This is as the Republic' tax bill almost equals standard deduction for all the taxpayers, the combined sum of all the available deductions should not exceed the new itemized amount.
Can I pay my property taxes early?
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"Anyone in New Jersey, that's got to be scary", said Wayne DeFeo, a homeowner in Warren. "You have until the last day of the year to make up your mind", he said. But this year, "we've had quite a bit of activity", she said. Payments can be made in person at City Hall, 108 E Green St. or via the payment portal on our homepage at www.cityofithaca.org. At that point, a local tax collector can begin accepting early payments. If you choose the online payment option, be sure to call the City Chamberlain's Office at (607) 274-6580 for correct tax amounts. If you have not gotten a bill yet, you can call your town or wait for the bill to be mailed out just after Christmas.
Congress may act to close the loophole and ban property tax prepayment.
Some taxpayers have been disappointed that they can't make an even larger payment now on their 2018 bills in order to deduct more on their 2017 federal taxes.
"California is treated very poorly with this new tax bill", said Larry Stone, the Santa Clara County Assessor.
Napa County also saw a "substantial increase", said treasurer-tax collector Tamie Frasier. In Contra Costa and Santa Clara, you can pay your tax bill online right up until 11:59 p.m. on December 31.
A Democrat, Cuomo has railed against the GOP tax plan for weeks.