The recently-adopted federal tax plan includes a combined $10,000 deduction limit on property, state, and local income taxes. Previously, there was no limit on this deduction. Because of this significant change, many taxpayers have been asking about pre-paying 2018 property taxes in 2017.
The City of Hoboken Tax Collector's Office has been accepting pre-payment of property taxes from those who wish to do so. As of this time, the City has only issued tax statements for the first two quarters of 2018. The 3rd and 4th quarter amounts will not be known until 2018 budgets have been adopted, however the City will accept payments from those who wish to pay more than the 1st and 2nd quarter taxes.
The City is not issuing advice on whether property owners should pre-pay taxes, how much to pre-pay, or the possible tax impact, including whether the IRS will allow the payments to be deductible on 2017 federal income taxes.
Payments can be made online at http://hobokennj.gov/proptaxes by e-check, credit or debit card 24 hours a day, 7 days a week. A convenience fee is charged for online payments. Payments made by e-check, debit card, or credit card can only be made online and not at the Tax Collector’s Office.
To ensure that payments made by check are deposited and cleared by the end of the year, checks should be received no later than Thursday, December 28th. Include the block and lot number and indicate it is for 2018 in the note section to avoid a refund for overpayment of taxes.
The Tax Office will be open extended hours until 7:00pm on Wednesday, December 27th and Thursday, December 28th.
