What to Know
- People in the tri-state are scrambling to pay their 2018 property taxes in advance of new federal limits on how much they can deduct.
- Tax reform law signed by President Donald Trump caps the deduction for state and local taxes at $10,000
- That's expected to hit hard in New Jersey, where residents pay the highest property taxes in the nation.
Some tri-state residents are scrambling to pay their 2018 property taxes in advance of new federal limits on how much they can deduct.
In Hoboken, New Jersey, a city spokesman tells The Associated Press that through last Thursday, about 1,400 people had prepaid. That's compared to about 100 or 200 normally.
Tax reform law signed by President Donald Trump caps the deduction for state and local taxes at $10,000. That's expected to hit hard in New Jersey, where residents pay the highest property taxes in the nation.
Republican Gov. Chris Christie has proposed letting New Jersey taxpayers write off their property taxes on state returns. But it's not clear how much he'll push for that before he leaves office in three weeks.
In Hempstead, Long Island, one tax office is expecting to see more customers in the next six days than they normally see in a year -- part of a mad rush to avoid a potential tax hike.
"Our taxes are going to go up, there's no question in my mind our taxes are going to go up," said Andrew Somer, who's lived in Baldwin for 20 years.
Local
Gov. Andrew Cuomo announced an emergency order allowing New Yorkers to pay their 2018 taxes early, and letting them take advantage of the 2017 deductions before they disappear. Somer braved a nearly one-hour line Tuesday just to file before Jan. 1.
"What motivated me was the savings," he said. "Having a little bit of something to put in our pockets rather than into the government's pockets."
Tax officials at the Hempstead office are bracing for crowds, staying open late and through the weekend. But they say filing early won't save everyone money, and urge people to talk to their accountants before pre-paying taxes, to make sure it makes sense for them.
Somer -- and hudreds of others waiting in line Tuesday -- believe the wait will be worth it.
"We're just trying to do everything we can to get as much savings as we can," he said.
While the states are on board, the federal government hasn't yet said whether it will accept the early submissions.
