I have been asked many times about paying 2018 property taxes in 2017 to address the SALT limits of the new federal tax law.
The Township of Franklin cannot make any representation as to the treatment, for Federal Income Tax purposes, for any advance payment of 2018 property taxes. The Township does not provide estimated tax payments for 2018 other than the first two quarters of taxes which have already been billed.
Payment of those two quarters prior to the end of the year will be accepted. Any payments in excess of those two quarters cannot be credited against payments for taxes not yet billed and may be refunded by the Tax Collector.
Please note for those taxpayers whose taxes are paid by a mortgage company or escrow agent we highly recommended that you contact the mortgage company or escrow agents to confirm that you will be making advanced payments.
We encourage any tax payer who is delinquent on their taxes to become current prior to the end of the year to take full advantage of the property tax deduction on their Federal Income Tax.
Taxes are very case specific so above all please consult a tax professional to address your exact situation.
Phil Kramer
Mayor
Township of Franklin NJ
