Stateline Residents Rushing to Pay Property Taxes Before End of the Year

Depending on where you live, assessment may be necessary

WTVO/WQRF - Across the country and in the Stateline, homeowners are rushing to pay off their property taxes before the new year.  The hope is to maximize deductions before the new tax law takes effect.
Depending on where you live, it may be a requirement to get an assessment, before the end of the year, as some counties require it.  However, in Boone County, they do not. Boone County Treasurer, Curtis Newport says their approach to prepaying tax bills are a bit different.

"They're doing it because next year the rules are going to be different," said Newport.

Huge tax changes are coming on January first..  This comes after Congress passed new federal tax laws, then signed by President Trump.   Which has many Stateline area property owners scrambling, seeking to pay next year's property tax bill, this year, while they can still deduct all of it.

"Accountants are recommending to their clients that they prepay their 2017 taxes if they can," said Newport.

That's because property tax deductions will be capped at 10-thousand dollars beginning january first. Property taxes in the area are so high, it could affect alot of people, many of whom are rushing to pay now.  Last year, Newport says Boone County had a few dozen property owners who had prepaid and collected about $400,000.  Newport says this year that number has skyrocketed.

"This year as we sit here with a day and a half left were at about 300 people and almost $3 miillion," said Newport.  "So, we'll hit $4 million before this is all over."

The problem is it may not work. The IRS tells Eyewitness News, that not only does the taxpayer have to make their payment in 2017, but their taxes have to be assessed in 2017, as determined by state and local tax laws.
Newport admits that in Boone County, so far they are not, which has many trying to guess their tax bills.

"You take your best guess if your payment is short, then we will send you a bill for the balance," said Newport. "If its long, then we will send you a refund check for the difference."

Deadline for prepayment for this years taxes is Friday at 5p.m.,but can be postmarked on Saturday, if you go online, depending on the county you live in.

 


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