FRANKLIN TOWNSHIP, NJ - Individuals and municipalities can benefit from an early payment of taxes this year before the newly-passed tax bill impacts expenditures for 2018. Property owners who currently pay more than $10,000 for their taxes can pay before December 31, utilizing a deduction that is available in 2017 and will not be available in 2018. The last business day this month is Friday, December 29.
"I have been asked many times about paying 2018 property taxes in 2017 to address the SALT limits of the new federal tax law," Mayor Phil Kramer said in an email statement to the media. "The Township of Franklin cannot make any representation as to the treatment, for Federal Income Tax purposes, for any advance payment of 2018 property taxes."
From Franklin Township's Mayor via email to local media outlets:
- The Township does not provide estimated tax payments for 2018 other than the first two-quarters of taxes which have already been billed.
- Payment of those two quarters prior to the end of the year will be accepted.
- Any payments in excess of those two quarters cannot be credited against payments for taxes not yet billed and may be refunded by the Tax Collector.
- Please note for those taxpayers whose taxes are paid by a mortgage company or escrow agent we highly recommended that you contact the mortgage company or escrow agents to confirm that you will be making advanced payments.
- We encourage any taxpayer who is delinquent on their taxes to become current prior to the end of the year to take full advantage of the property tax deduction on their Federal Income Tax.
- "Taxes are very case specific so above all please consult a tax professional to address your exact situation," Kramer said in an email statement.
Taxes can be paid online by clicking here.
In a Twitter posting earlier this month, New Jersey State Senate President Stephen Sweeney said, "Generally, those whose combined property and income tax bills will be more than $10,000 next year – but not those who would be subject to the new Alternative Minimum Tax – would benefit by prepaying some or all of their 2018 property tax bill by the end of 2017."
Earlier today Sen. Raymond J. Lesniak introduced legislation to allow NJ homeowners to deduct up to $20,000 of their property taxes on their NJ income tax returns.
The legislation must reach Governor Christie’s desk by Jan. 8 to eventually become law. Click Here to find your legislators’ contact information.
Earlier this month local resident and Somerset County Freeholder Brian D. Levine discussed how the law would impact residents of the Garden State.
TAPinto Franklin Township is independently owned and operated by Malik A. Lyons FHS Class of 93’ Graduate.
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