Middlefield Issues Statement On Prepayment of Property Taxes

From the Office of First Selectman Edward P. Bailey

December 27th, 2017

Town Residents

Re: Prepayment of Property Taxes

The federal income tax deduction for state and local taxes is being capped for the calendar year beginning 2018. For those that wish to prepay their local property taxes before they are due please note the following as per the Internal Revenue Service advisory of December 27th, 2017 (copy attached):

Prepayment of the January half of your current property tax bill (2017-2018) will allow you to claim an itemized tax deduction on your 2017 federal tax return.

As property taxes are not assessed for the 2018-2019 fiscal year, a deduction of 2018- 2019 taxes will not be deductible on your 2017 federal tax return. In this state Rate Bills are signed and Tax Warrants are issued following the laying of a tax, in accordance with Section 12-130 of the Connecticut General Statutes; this typically occurs in the spring for the fiscal year that begins July 1st.

This information from the IRS is provided for your convenience. Please consult your accountant or tax professional for advice that affects your individual tax situation.

Sincerely,

Edward P. Bailey
First Selectman
Town of Middlefield