Chris Christie Issues Order Allowing You To Prepay 2018 NJ Taxes

Gov. Chris Christie signed an executive order on Wednesday allowing New Jersey residents to prepay their 2018 property taxes, hoping to alleviate the impact President Donald Trump's recently approved tax plan may have on residents.

The order directs 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 they are postmarked on or before Dec. 31, 2017. The tax plan is supposed to take effect Jan. 1.

“The action I took today will ensure that local governments are flexible and accommodating of their local property taxpayers as we transition to the new federal tax code for 2018," Christie said. "This executive order requires local officials to dedicate the resources and staffing to serve New Jerseyans who are planning in this way for their families and their futures."

The tax plan changed the state and local tax deduction that once saved New Jerseyans thousands of dollars. Approved last week after barely passing Congress, it caps the income and property tax deduction at $10,000.

That cap could prove burdensome for many New Jerseyans who pay the highest property taxes in the nation — although it could be offset by other changes, such as the doubling of the standard deduction. And it could get worse for many families who will also lose the approximately $4,000 personal exemptions for each dependent (if you can, talk to an accountant).

Read more: Trump's Tax Plan: How Much Each N.J. Town Would Pay With Deduction Loss

Some municipalities are in the process of ensuring that prepayments received in 2017 are properly credited in accordance with New Jersey law.

The following communities have taken such steps - click on the town to find out more:

• Barnegat
• Bedminster
• Belmar
• Berkeley
• Brick
• Bridgewater
• Clark
• Englewood
• Florham Park
• Hillsborough
• Hoboken
• Howell
• Lacey
• Manchester
• Millburn
• Montclair
• Morris Township
• Oakland
• South Orange
• Stafford Township
• Toms River
• Verona
• Westfield

Senate President Steve Sweeney thanked Christie for issuing the order, saying it will "not only save thousands of dollars for countless New Jersey families, but also provide municipalities with a prepayment windfall that they will be able to invest and use the interest for the benefit of their taxpayers."

“The additional tax savings we can provide many New Jerseyans by authorizing these prepayments does not take away from the unfairness of a Republican tax bill that intentionally targets Democratic states by limiting the deductibility of state and local income and property taxes that has been part of the federal tax code since 1913." Sweeney said. "Taxing people on their taxes is double taxation, which conservatives are supposedly against. We need to do everything we can in the future to get the state and local tax deduction restored."

Also See: What The Tax Overhaul Means For Your Family

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