NJ Chamber of Commerce President Tom Bracken's Statement on Gov. Christie's Executive Order Directing Municipalities to Accept Prepayment of Property Taxes
The New Jersey Chamber of Commerce congratulates Gov. Christie for issuing an executive order directing municipalities to accept prepayment of at least a portion of 2018 property taxes before Dec. 31, 2017.
For many property taxpayers in New Jersey, this could ease some of the sting - at least for the year 2018 - of the recently approved federal tax reform legislation.
While this is a welcome benefit to those who can take advantage of a prepayment, it does not negate the fact that the net impact of the new 'Tax Reform and Jobs Act' will be a negative to our state.
We hope the governor's executive order is the beginning of more state policy in 2018 that will further mitigate the impact of the federal legislation on the taxpayers of New Jersey.
New Jersey taxpayers should monitor any IRS rulings related to this subject and consult a tax advisory to help determine if pre-paying taxes would benefit them.