Requirements:
* Property Owners understand that Wicomico County is not providing tax advice by offering the prepayment option and that they should contact their tax advisor with any questions regarding Federal and State tax laws.
* The prepayment window is from December 22, 2017 until 5pm on December 29, 2017. Any payments not received by 5pm on December 29th will be returned to the property owner.
* Payments should be made in person at the Wicomico County Department of Finance. Mail in payments will be accepted but only if they are received prior to the December 29th at 5pm deadline. Payments received by the Department of Finance after the deadline, will be returned no matter the postmark date.
* The Department of Finance will supply the property owner with a payment receipt that includes the date of the payment.
* All prepayments will be based on the following:
Property owners should use their July 2017 tax bill as the basis for the payment. Prepayments greater than the July 2017 tax bill will not be accepted and returned.
Once the July 2018 bills are made available, any shortfall is the responsibility of the taxpayer.
If the prepayment is greater than the July 2018 Real Estate Tax Bill, the Department of Finance will issue a refund of the difference.
No requests for a refund of the prepayment will be accepted. All prepayments will be applied towards the July 2018 Real Estate tax bill.
Please contact the Wicomico County Department of Finance at 410-548-4840 with any questions.
How magnanimous of them! Please let me know how many takers they get!
ReplyDeleteIt's a good deal and easy way to lower your federal income tax liability. Pay the taxes this year for the deduction which is more valuable to you this year than next because tax rates are lower in 2018. Some people won't accept free money, I guess.
ReplyDeleteIf the purpose is to allow for itemizing the County's FY 2019 property taxes on your personal 2017 income tax return (in case you are or might be over the new $10,000 limit on local taxes that begins next year), take note that it may not be lawful to do that under the !RS regs for 2017. If it's not, then all you will have done is paid taxes many months in advance without any benefit except to the County.
ReplyDeleteIt is possible to make a charitable donation in a greater amount this year -- to include next years donation -- and itemize the total amount on your 2017 tax return.