Is There A Trump Tax Reform Hack In Montclair?

MONTCLAIR, NJ — Now that the Trump Administration’s long-awaited tax reform bill has been signed into law, some Montclair homeowners may have a pressing, time-sensitive question: “Should I pay my 2018 property taxes before the new year comes?”

The answer may provide a temporary tax hack that can save local homeowners some big bucks.

According to a Montclair Township statement on Tuesday, the Montclair Tax Collector’s office will be open Saturday, Dec. 30 from 10 a.m. to 3 p.m. so that property owners who would like to pay 2018 taxes in advance have additional time to do so.

Montclair Mayor Robert Jackson said that since the new federal tax bill was signed into legislation December 22, it left local property owners little time to meet the end-of-year deadline if they are considering prepaying 2018 taxes.

"Given the recent influx of queries to the township regarding 2018 property tax prepayment, we decided to provide additional time on a Saturday for those residents and business owners who wish to pay their 2018 taxes in advance," Jackson said.

The new federal law caps the deduction for state and local income, sales and property taxes at $10,000, a controversial move that may cost the average New Jersey homeowner thousands of dollars.

• See related article: President Trump Signs GOP Tax Bill Into Law
• See related article: These NJ Housing Markets Will Suffer Most Under Tax Plan: Moody's

According to Montclair township officials:

"First and second quarter preliminary tax bills have already been sent to property owners and may be paid online. If taxpayers wish to prepay third and fourth quarter bills, they will need to estimate the amounts to be paid. Third and fourth quarter taxes must be paid by mail or in person. Checks must be received by Saturday, December 30."

Officials added:

"In August, when the actual 2018 tax rate is struck, billing will be adjusted based on what property owners have prepaid."

Learn more about posting announcements or events to your local Patch site here. Send local news tips and correction requests to eric.kiefer@patch.com

Official White House Photo by Joyce N. Boghosian