Lawrence Collected $6.6 Million In Prepaid Taxes By Dec. 31

LAWRENCE TOWNSHIP, NJ — Lawrence Township residents filed about $6.6 million in prepaid property taxes before Dec. 31, 2017, according to Tax Collector Sue McCloskey. The prepaid taxes are for 2018. Typically, Lawrence Township sees about between $600,000 and $900,000 in prepaid taxes annually, but changes in the federal tax code and an executive order by the governor lead to the onslaught of early filings.

Residents across the state were hoping to prepay their taxes after the federal tax bill signed into law in December limited the deduction for state and local taxes -- including property taxes -- to $10,000. They were looking to prepay their taxes in an effort to maximize their state and local tax deduction for 2017.

Former Gov. Chris Christie even signed an executive order directing the Division of Local Government to notify municipalities to accept payments for 2018 property taxes in calendar year 2017, and require them to credit those payments if the payments were postmarked on or before Dec. 31, 2017.

Most Lawrence Township residents prepaid their taxes for the first quarter and second quarter of 2018, although some made payments for their projected third and fourth quarter taxes, as well.

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