NJ Governor Murphy recommends changes to bill allowing prepaid property taxes - a report from Vested Land Services LLC

It's not title insurance but NJ Biz, a report on New Jersey taxes from Vested Land Services LLC, the consumer's title insurance agency- 

Murphy recommends changes to bill allowing prepaid property taxes

Gov. Phil Murphy has recommended certain technical changes to a proposed bill that would permit New Jersey taxpayers to make dedicated prepayments toward anticipated property taxes.

Murphy took this action in response to President Donald Trump’s signing into law the Tax Cuts and Jobs Act, which limits a person's maximum state and local property tax (SALT) deductions to $10,000.

Murphy wants to eliminate possible confusion in Bill 3382by explicitly “clarifying that taxpayers may indeed prepay their property taxes, regardless of whether the municipality had issued the quarterly tax bills prior to submission of the prepayment. This clarifying language is retroactive to July 1, 2017, and applies to any taxpayer who attempted to prepay a third or fourth quarter property tax installment for tax year 2018 in calendar year 2017.”

New Jersey residents pay among the highest property taxes in the nation.

Read the full article at - http://www.njbiz.com/article/20180406/NJBIZ01/180409875/murphy-recommends-changes-to-bill-allowing-prepaid-property-taxes

For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.

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if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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