Find Real Estate Agents and Homes for Sale

Real Estate News --> Maryland News

Can you prepay real estate tax before the new law kicks in?

The Maryland county held a special session Tuesday to pass a ... Dec. 28 to consider allowing prepaid real estate taxes, but following the statement from the IRS, the Council announced it was cancelling its meeting and would not move forward with any ...

Archived Story

NEWS TRAFFIC WEATHER Listen Washington's Top News 201.5 Headlines Local News Virginia Maryland DC Weather News Transportation News National World Business & Finance Government Living Entertainment Sports Tech Trending Now Federal News Radio Photo Galleries Fun & Games Lottery Results Contests Listen Live Podcasts Home » Latest News » Local News » Can you prepay real… Can you prepay real estate tax before the new law kicks in? By Neal Augenstein | @AugensteinWTOP December 28, 2017 4:15 am 12/28/2017 04:15am Share Interest is high in prepaying county property tax, ahead of a new tax lawTaxpayers in Fairfax Cocan drop off a check in the county government building. (WTOP/Neal Augenstein) var _informq = _informq || []; _informq.push(['embed']); _informq.push(['hook', '*/videoLoad', function(event) { // console.log('Video has loaded for the player embedded within the ' + // 'configurable element where its "id" attribute is "' + // + '"!'); var element = document.getElementsByClassName('Entry-featured')[0]; if (typeof(element) != 'undefined' && element != null) { document.getElementsByClassName('Entry-featured')[0].style.display = 'none'; } }]); WASHINGTON — Homeowners in the D.Carea with some extra money on hand are hustling to prepay their 2018 property taxes before the new tax law takes effect Jan1. var _informq = _informq || []; _informq.push(["embed"]); The new federal law caps deductions at $10,000 for all combined state and local taxes, including both income and property taxesThat means owners of expensive homes and cars have only one more chance to avail themselves of healthy deductions. var _informq = _informq || []; _informq.push(["embed"]); The prospect of losing that valuable deduction has prompted homeowners to inquire whether they can prepay future property taxes before the limitations of the new law. Despite the interest, tax experts have not determined that prepayment will benefit all homeowners. On Wednesday, the IRS released a statement explaining that “whether a taxpayer is allowed a deduction for the prepayment of state or local real property taxes in 2017 depends on whether the taxpayer makes the payment in 2017 and the real property taxes are assessed prior to 2018.  A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017.” The question of when property tax is assessed is up to “state and local law,” the IRS said. The City of Fairfax, Virginia, allows prepayment of property tax, but in a statement Wednesday evening, the city government said that the IRS announcement “means that such prepayments of 2018 taxes to the city may not be deductible in 2017 and city officials will immediately review options for refunds as appropriate.” var _informq = _informq || []; _informq.push(["embed"]); The laws in other counties and cities in the D.Carea may be structured in such a way that prepayments are deductible; taxpayers will need to contact their tax professionals or county governments. City of Alexandria “We’ve always taken prepayments,” said Craig Fifer, spokesman for the City of Alexandria“What’s new is the level of interest this year.” By Saturday, Fifer said, the city had received more than $1.6 million in prepaymentsWhile payments can be made online, Fifer said the city prefers payments by check, with the word “prepayment” includedPayments can be placed in a drop box at City Hall. Arlington County Arlington County will accept prepayments, but reminds taxpayers it’s unclear whether prepayment will be helpful for homeownersIf you have questions about prepaying, email or call 703-228-3090. Fairfax County Fairfax County will accept 2018 real estate and vehicle tax prepaymentsAccording to Scott Sizemore, head of the county’s tax revenue division, payment by ACH or wire transfer is preferredChecks — with the word “prepayment” in the memo field — can be placed in drop boxes in the county government building, to avoid standing in lineReceipts will be mailed. Loudoun County Homeowners in Loudoun County can prepay their 2018 real estate taxes, if they are willing to drive to one of the county’s treasurer offices in Leesburg and Sterling. Prince William County Prince William County taxpayers are able to prepay their 2018 taxes, though the county’s Tax Administration DivisionA representative said the option to prepay is offered in the online payment system.  Montgomery County The Maryland county held a special session Tuesday to pass a bill allowing residents to prepay their 2018 property taxes before the end of the yearChecks and cash are the only acceptable methods of payment this year, and must be postmarked by midnight Dec31, or dropped at the county’s Department of Finance, in the Division of TreasurySubmissions must include a Notice of Intent for Prepayment of Levy Year 2018 Taxes.  Prince George’s County The County Council had planned to hold an emergency session on Wednesday, Dec28 to consider allowing prepaid real estate taxes, but following the statement from the IRS, the Council announced it was cancelling its meeting and would not move forward with any legislation so as not to “add any more confusion” to the tax plan. Washington, D.C. The District says taxpayers can prepay online at by midnight Dec31, or at D.Cbranch offices of Wells Fargo Bankbefore close of business Saturday, Dec30Homeowners must bring a 2017 real property tax bill to the bank. More News Man exchanged gunfire with cops, killed by Virginia officers Local News Kaine's son placed on probation in Minnesota Trump protest Local News Navy's captured flags, hidden nearly 100 years, rediscovered Local News Topics: Latest News Advertiser Content Don't Miss Year in review: Top local stories of 2017 An electionProtestsCommuter changesA D.Clegend lostTake a look back at the local news stories that dominated the headlines in 2017. Play Now Fun & Games Need a break? Play a quick game of solitaire or SudokuOr take one of our fun quizzes! Recommended Latest Police investigate homicide of man found on road near I-295 Prince George's County, MD News Dozens evacuated from fire in Silver Spring apartment building Montgomery County, MD News Ovechkin helps Capitals beat Bruins 4-3 in shootout Washington Capitals 12 dead in fast-moving New York City apartment fire National News Romanian suspects charged with hacking DC police surveillance cameras Washington, DC News Dodging the hangover: How to make The Morning After less brutal Living How a punter changed the course of NFL history Sports Trump lashes out at Vanity Fair over Clinton video National DC police charge 18-year-old with 3 murders, 3 robberies DC Academia faces #MeToo movement over sexual harassment Education Get alerts Sign Up Fun & Games Play Now News Team Careers Advertise Contests Contacts Submit News Tip Charities Events Video Podcast DC Federal News Radio

Trending Maryland News:

  • The lawsuit names Chopra Family Real Estate LLC, a Rock…
  • 813 Maryland Ave NE
  • Silver Spring, MD Real Estate: Newly Listed Homes for Sale
  • Federal Capital Partners Closes $512M Real Estate Fund
  • General Cannabis Client Awarded Maryland Stage One License Pre-Approval
  • Robert J. Norton Named President & General Manager of Maryland Live! Casino
  • Braves Outfielder Nick Markakis Is Selling His Charming Colonial in Maryland
  • Md. House reprimands Anne Arundel Republican
  • UM Shore Regional Health Golf Tournament set for Sept. 19
  • A Look At The Massive Real Estate Business Jared Kushner Is Setting Aside
  • Maryland sues developer over State Center project
  • Quarterly Report (10-q)
  • Relaxation is key at Chesapeake Traditional Acupuncture
  • The Price of 'The Exorcist' Author's Maryland Mansion Will Make Your Head Spin
  • Richmond County Sheriff’s Office warns of real estate scams
  • Former Ravens Star Ray Lewis lists Maryland mansion for $2.5M (Photos)
  • Maryland proposal for free community college follows national trend. But results aren't clear.
  • 'Act like you belong,' exec tells women in real estate industry
  • Md’s. DC suburbs emerge as a top life sciences market
  • Top News Headlines