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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 ...


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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 "' + // event.containerElement.id + '"!'); 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 treasurer@arlingtonva.us 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 www.taxpayerservicecenter.com 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! 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