Property Tax Prepayment benefit possible for some NH residents

BrownstoneNorth · 12-21-2017, 07:20 PM

The new tax law will cap combined state & local property & income tax deductions at $10,000 in 2018. The law specifically prohibits taking a deduction this year by prepaying 2018 *income* taxes in 2017 but does not mention *property* taxes.

The state of NH allows prepayment of property taxes, BUT only if your *town* has enabled it. The Tax Collector in Wolfeboro told us on the phone today that Wolfeboro doesn't have a property tax prepayment arrangement with the state, so we're out of luck.

The property tax prepayment option is more relevant for people with second homes in NH and are likely to itemize deductions than for year-rounders who pay no income tax and property tax on only one home. Worth checking with your town and/or accountant if you've got one before it's too late if your property + income taxes exceed $10,000.

Here's one article about the NH situation, there are probably others:

http://www.vnews.com/Local-Property-...tions-14362856

12-21-2017, 07:20 PM	#1
BrownstoneNorth Senior Member Join Date: Feb 2007 Posts: 209 Thanks: 107 Thanked 117 Times in 69 Posts	Property Tax Prepayment benefit possible for some NH residents The new tax law will cap combined state & local property & income tax deductions at $10,000 in 2018. The law specifically prohibits taking a deduction this year by prepaying 2018 income taxes in 2017 but does not mention property taxes. The state of NH allows prepayment of property taxes, BUT only if your town has enabled it. The Tax Collector in Wolfeboro told us on the phone today that Wolfeboro doesn't have a property tax prepayment arrangement with the state, so we're out of luck. The property tax prepayment option is more relevant for people with second homes in NH and are likely to itemize deductions than for year-rounders who pay no income tax and property tax on only one home. Worth checking with your town and/or accountant if you've got one before it's too late if your property + income taxes exceed $10,000. Here's one article about the NH situation, there are probably others: http://www.vnews.com/Local-Property-...tions-14362856