New Jersey residents can prepay the first two quarters of 2018 property taxes on or before 12/31/2017, pursuant to an executive order just issued. In anticipation of the new tax law, taxpayers are seeking to minimize future tax burdens. Due to the new $10,000 cap on the state and local tax deduction, this includes prepaying 2018’s property taxes for deduction on 2017 tax return. On December 27, 2017, NJ Governor Christie issued an executive order allowing NJ homeowners to prepay property taxes for the first two quarters of 2018. While some municipalities were already accepting prepayments, the order instructs all municipalities to accept 2018 prepayments from residents. The prepaid property taxes need to be postmarked by the end of the year to be eligible for deduction.
