Watchung Collected $4.3M In Prepaid Taxes

WATCHUNG, NJ — Watchnung residents filed a total of $4.3 million in prepaid property taxes and sewer charges before Dec. 31, Tax Collector Bill Hance confirmed in an email to Patch.

The prepaid taxes are for 2018. Last year the borough only received about $483,000 in prepaid taxes, 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.

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 are postmarked on or before Dec. 31, 2017.

(Image via Shutterstock)

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