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irs setting limits for prepaying property taxes


by jeff stein | washington postthe internal revenue service announced wednesday that taxpayers could prepay their 2018 property taxes only if they have already received a tax assessment from their local government and they make payment by the end of the year.the announcement both clarifies who can prepay property taxes but also threatens to create confusion in state and localities across the country where taxpayers have been rushing all week to prepay property taxes after president trump signed into law a new republican tax bill before christmas.get top headlines in your inbox every afternoon. get the free pm report newsletter.the tax legislation limits the value of the state and local tax deduction to $10,000 and bans prepayment of local and state income taxes. but it left vague whether p






what you need to know about prepaying property taxes


passage of federal tax cuts led many on long island to try to prepay their 2018 property taxes. photo credit: getty images/istockphoto / designer491 long islanders are scrambling to tax receivers’ offices to beat the clock on a key deduction that will be capped starting monday. but will prepaying certain 2018 taxes work?under the new federal tax law, deductions for state and local income, sales and property taxes will be capped at $10,000. some homeowners are attempting to get ahead of the cap by prepaying their second-half 2017-2018...






the states with the best and worst property taxes in 2017


photo by nicki dugan pogue.american households spend an average of $2,149 in home property taxes every year. tack on another $400 on average in vehicle property taxes for residents of 27 states and that’s a big chunk of change. if you’re looking to buy property, it might help to know which states are less expensive than others.advertisementthis report, from the property tax experts at wallethub, uses current u.s. census bureau data to determine real estate tax rates and national auto sales statistics to determine vehicle property tax rates. here are the five cheapest states for real estate property taxes:hawaii: 0.27% real estate tax rate, or $1,406 in annual taxes on a home priced at state median value of $515,300.alabama: 0.43% real estate tax rate, or $543 in annual taxes on a home pric






irs says it's possible to prepay some property tax this year to save money. here


for households rushing to prepay property taxes before a new cap on deductions takes effect, the irs released some good news wednesday: in many cases, it will allow such a maneuver.that had been up for debate, because the new tax law was silent on such a scenario, even though it specifically prohibits prepaying 2018 state or local income taxes this year and claiming them as an itemized deduction for 2017.by allowing some prepayment of property tax, itemizing households could save money on their 2017 federal income taxes. starting next year, households will be limited to an annual combined deduction of no more than $10,000 in state and local income, sales and property taxes.when can i prepay my property tax and not be subject to the $10,000 cap?if your county has already assessed your taxes






a guide to paying your property taxes early — before the new tax law kicks in


the $1.5-trillion republican tax plan headed to president trump’s desk puts new limits on how much households can deduct in state and local taxes if they itemize.beginning in 2018, couples filing jointly will be limited to an annual combined deduction of no more than $10,000 in state and local income, sales and property taxes.the bill prohibits people from prepaying 2018 state or local income taxes this year and claiming them as an itemized deduction for 2017, but is less clear on whether that strategy might work for property taxes.how could i be able to pay property taxes early?property tax bills generally go out in the fall, with half the taxes due by early december and the other half due by april. it’s possible to pay the whole thing when the bill first arrives or pay the second install






essential questions and answers about prepaying your property taxes


people around the country are rushing to prepay their property taxes ahead of jan. 1, when the tax overhaul enacted by congress and signed into law by president donald trump takes effect. but who should prepay their taxes and how to do so is confusing for many taxpayers. here are some basic questions and answers about what's going on - with the caveat that every taxpayer's situation is different and, if possible, it's best to consult a tax professional who can assess your circumstances.q: what are the basic issues involved?a: on dec. 22, president trump signed into the law the new republican tax bill overhauling the tax code. a key provision of the bill modifies a long-standing tax break that allowed individuals to deduct from their federal taxable income any state and local taxes paid tha






property taxes: ‘enough is enough’


the $400 increase in our state property taxes is unconscionable. a lot of us are on fixed incomes, and the increases in taxes that we already have are a burden. all of a sudden we are panicked about keeping our homes, going to the doctor and buying groceries.seattleites are generous, but enough is enough. have our representatives come to discuss this with us and get some feedback? no. why not? it’s hard to believe that our elected officials could be so out of touch with the people they represent.it’s time for an income tax, and yes, it should be progressive.susan and robert stanton, seattlemost read storiessave over 90% on select subscriptions.






change in property tax deduction affects thousands in naperville


thousands of naperville homeowners pay more than $10,000 a year in property taxes and will be impacted by limits to deductions in a new federal income tax plan set to kick in after jan. 1.in lisle township, 3,221 city of naperville property owners — or about 21.5 percent of city residents in lisle township — paid at least $10,000 in property taxes based on last year's assessed values. in naperville township, 2,447 property owners in the city of naperville paid at least $10,000 in property taxes.the new tax pan includes a $10,000 cap on the amount taxpayers can deduct in property tax and local and state income tax while nearly doubling standard deductions of $12,000 for single filers and $24,000 for married couples who file jointly. this means many people who have historically itemized to d






funding education: two new taxes


i’ve been reading that republicans in our state legislature want to fully fund education by adjusting the property tax. this would result in across-the-board increases in property taxes in king county.there is a severe affordable housing and homelessness crisis in king county. anything that increases property taxes at this point will only exacerbate those problems.i would propose two new taxes. first, a head tax paid by employers on every foreign national brought in on an h-1b visa. second, a 15 percent surcharge on all property sales to foreign nationals, similar to british columbia’s. if employers are saying we don’t have enough qualified americans to fill these jobs, taxes on these skilled foreign workers can go directly to funding the education necessary to prepare our citizens for the






republicans’ deal to keep property tax deduction leaves california lagging some


the decision by a key house republican to maintain the deduction for property taxes but not for other state and local taxes is a victory for california but a bigger win for residents of other states.while california has the highest top state income tax rate in the nation, the state ranks in the bottom third by one measure for property taxes, which have been limited since voters passed proposition 13 in 1978.however, the deal to keep part of the state and local deduction in the republican tax overhaul bill set to be unveiled wednesday still would be a win for california.it’s just not as big a victory as it is for new york, new jersey and several other states where property taxes make up a larger share of the overall tax burden, said jared walczak, a senior policy analyst at the nonpartisan






tax overhaul leads to end-of-year rush to pay property bills


cherry hill, n.j. (ap) — people in some communities are rushing to pay their property taxes ahead of schedule.they’re hoping to be able to deduct the payments from their 2017 federal income taxes.under a tax overhaul signed friday by president donald trump, there will be a new $10,000 cap on deductions for state and local taxes starting next year.that could cost many taxpayers thousands of dollars in high-tax states such as california, connecticut, illinois, new jersey and new york.most read storiesunlimited digital access. $1 for 4 weeks.in cherry hill, new jersey, ron brand paid his 2018 property taxes on friday with a check for about $15,000. he says it should save him more than $3,000 in federal income taxes.some local governments are making it easier to prepay. but taxpayers in cobb c






liers scrambling to prepay taxes before federal law changes


president donald trump speaks to members of the media after signing a tax-overhaul bill into law in the oval office of the white house in washington, d.c., friday, dec. 22, 2017. photo credit: bloomberg / mike theiler long island property owners are inundating town tax receivers’ offices with questions about paying their 2018 taxes early to get ahead of the new federal tax code’s limits on state and local deductions, officials said.tax receivers said they have fielded hundreds of calls from residents who want to pay their 2018 property and school taxes this month to deduct them from their 2017 federal taxes. under the $1.5 trillion federal tax bill signed into law friday by president donald trump, property owners will only be able to deduct up to $10,000 in state and local income, sales an






liers scrambling to prepay taxes before federal law changes


president donald trump speaks to members of the media after signing a tax-overhaul bill into law in the oval office of the white house in washington, d.c., friday, dec. 22, 2017. photo credit: bloomberg / mike theiler long island property owners are inundating town tax receivers’ offices with questions about paying their 2018 taxes early to get ahead of the new federal tax code’s limits on state and local deductions, officials said.tax receivers said they have fielded hundreds of calls from residents who want to pay their 2018 property and school taxes this month to deduct them from their 2017 federal taxes. under the $1.5 trillion federal tax bill signed into law friday by president donald trump, property owners will only be able to deduct up to $10,000 in state and local income, sales an






liers scrambling to prepay taxes before federal law changes


president donald trump speaks to members of the media after signing a tax-overhaul bill into law in the oval office of the white house in washington, d.c., friday, dec. 22, 2017. photo credit: bloomberg / mike theiler long island property owners are inundating town tax receivers’ offices with questions about paying their 2018 taxes early to get ahead of the new federal tax code’s limits on state and local deductions, officials said.tax receivers said they have fielded hundreds of calls from residents who want to pay their 2018 property and school taxes this month to deduct them from their 2017 federal taxes. under the $1.5 trillion federal tax bill signed into law friday by president donald trump, property owners will only be able to deduct up to $10,000 in state and local income, sales an






how will the northern california wildfires affect the property taxes of those wh


napa county assessor john tuteur has listened to people in disaster relief centers share stories of how they lost their homes and all their possessions when recent wildfires ripped across northern california.then tuteur tells them the state offers substantial property tax relief and protections as they consider what’s next.“people say, ‘that’s the first good news i’ve had since my house burnt down,’” he said.proposition 13, the landmark 1978 ballot measure, has kept homeowners’ property tax bills lower than they would be otherwise by basing tax rates on when people bought their houses, rather than their current market value.under proposition 13, tearing down your old house and building a new one would normally result in a full reassessment of your property and therefore a higher tax bill.b






how will the northern california wildfires affect the property taxes of those wh


napa county assessor john tuteur has listened to people in disaster relief centers share stories of how they lost their homes and all their possessions when recent wildfires ripped across northern california.then tuteur tells them the state offers substantial property tax relief and protections as they consider what’s next.“people say, ‘that’s the first good news i’ve had since my house burnt down,’” he said.proposition 13, the landmark 1978 ballot measure, has kept homeowners’ property tax bills lower than they would be otherwise by basing tax rates on when people bought their houses, rather than their current market value.under proposition 13, tearing down your old house and building a new one would normally result in a full reassessment of your property and therefore a higher tax bill.b






state, federal tax shifts could pack nasty one-two punch


harrisburg, pa. (ap) — movement in pennsylvania to slash school property taxes and congress’ bid to cut federal taxes could pack a nasty one-two punch to some taxpayers.both seem sure to produce winners and losers, tax analysts say. some income taxpayers in pennsylvania could even lose twice, in a sort of double-whammy, if pennsylvania shifts a bigger school funding burden to income taxes and congress eliminates the federal deduction for state taxes.each effort took a big step last week.pennsylvania voters approved a referendum tuesday to allow the legislature to exclude up to the full value of residents’ homes that they own from property taxes. it replaces what had been a 50 percent cap, the latest step in a yearslong quest by some to eliminate school property taxes paid by homeowners.mos






washington state relies on a rotten tax system


an income tax would make washington state and local governments more efficient and fair.i’m about to put a check in the mail to king county to pay the first half of my current property-tax bill. the bill is higher than it was last year, but that doesn’t bother me as much as being reminded how much this state’s tax system stinks.how much we pay matters, but so does how fair the tax system is and how effectively the money is spent — does it generate the community benefits most of us want?washington’s tax system would fail just about anyone’s fairness test because it relies mostly on property and sales taxes, which have inequality baked in.sales taxes disproportionately affect lower-income households. reliance on property taxes means that wealthier areas will be much more able than poorer one






homeowners line up to prepay their 2018 property taxes


in county tax offices wednesday across minnesota, long lines snaked from counters and urgent phone calls poured in from that rarest of all creatures: property owners who wanted to pay their taxes early.“it’s a last shot at the deduction,” said mark chapin, director of hennepin county’s resident and real estate services. “the demand to prepay is something we’ve never seen before and don’t expect to happen again.”the rush was prompted by the newly enacted federal tax law that, after jan. 1, will cap the annual state and local tax deduction at $10,000.that’s a change that could cost some taxpayers thousands of dollars. and it’s the reason why hennepin county officials decided to extend the hours they will accept prepayments on 2018 property taxes and set up the county’s website to take paymen






gop deal to keep property deduction as part of tax overhaul leaves california la


the decision by a key house republican to maintain the deduction for property taxes but not for other state and local taxes is a victory for california but a bigger win for residents of other states.while california has the highest top state income tax rate in the nation, the state ranks in the bottom third by one measure for property taxes, which have been limited since voters passed proposition 13 in 1978.“retaining the property tax deduction is throwing us a bone but it is not enough,” said california state controller betty yee, a democrat. “the federal tax reform plan remains unfair to californians.”however, the deal to keep part of the state and local tax deduction in the republican tax overhaul bill set to be unveiled wednesday still would be a win for california. republicans had pla






property taxes: where is all that money going?


if you are one of the few people who has the stomach to read your property tax bill, i share your pain. and confusion. and frustration.i live in suburban cook county in a house that was built in the 1950s. it's a modest house, but it's home and we love it.like most families, we live on a budget — unlike the governments to which we pay our property taxes.every month, more than 60 percent of our total housing payment — mortgage, interest and taxes — goes straight to property taxes. and every year, our property tax bill goes up.despite this, our neighbors and i constantly hear that we don't pay enough in taxes. local government entities increase their tax levies. there are calls for referenda. in the meantime, our roads are covered with potholes and our public pensions are underfunded.where i






homelessness property tax: focus on wealthy


so the venture capitalist’s plan to foist higher property taxes on homeowners to help solve homelessness gets top story in the seattle times on a1. but the transit riders union’s campaign for a city income tax is at the bottom of page b1. why doesn’t the “superwealthy entrepreneur nick hanauer” pledge his millions to achieving a tax reform that would really help working and poor people, rather than adding to the property taxes that repeatedly give washington the distinction of having the country’s most regressive tax structure?increasing property taxes will just continue to force limited-income people out of their homes and provide an excuse for ever-higher rent. the tax burden on homeowners is already too great. but there’s no tax on high incomes. we don’t need the city’s gentry pushing f






property taxpayers in chicago area scramble to pay bills by end of year before r


changes included in the republican tax overhaul congress approved and president donald trump signed into law have pushed thousands of chicago-area homeowners to rush to pay the first installment of their upcoming property taxes by the end of the year.in cook county alone, 47,000 taxpayers have downloaded their tax bills and made $312 million in early payments so far this month, cook county treasurer maria pappas said wednesday. that’s compared with just 1,700 people who paid $13 million a year ago.“it’s like a tsunami in government,” said pappas, who expects an additional $100 million to come in by the end of the year. “tens of thousands of people are paying early.”here’s why: currently, homeowners can deduct the entirety of their local property taxes from their federal income tax bill. ne






property taxpayers in chicago area scramble to pay bills by end of year before r


changes included in the republican tax overhaul congress approved and president donald trump signed into law have pushed thousands of chicago-area homeowners to rush to pay the first installment of their upcoming property taxes by the end of the year.in cook county alone, 47,000 taxpayers have downloaded their tax bills and made $312 million in early payments so far this month, cook county treasurer maria pappas said wednesday. that’s compared with just 1,700 people who paid $13 million a year ago.“it’s like a tsunami in government,” said pappas, who expects an additional $100 million to come in by the end of the year. “tens of thousands of people are paying early.”here’s why: currently, homeowners can deduct the entirety of their local property taxes from their federal income tax bill. ne






irs sets limited conditions for people to prepay property taxes, stirring tax la


people across the united states rushed this week to pay their 2018 property taxes early, hoping to take advantage one last time of a federal deduction for state and local taxes that will be scaled back under the tax-code overhaul signed by president donald trump.on wednesday, however, the internal revenue service announced that those prepayments could be deducted only in limited circumstances, a decision that appeared to invalidate many taxpayers' efforts and raised the prospect that local governments could come under pressure to refund millions of dollars.the announcement stoked confusion surrounding one of the most controversial elements of the tax law - a $10,000 cap on deductions for state and local taxes that will disproportionately affect higher-tax, democratic-leaning states. it als






why private universities should — like the rest of us — pay property taxes


if you're a property owner in the chicago area, then you've likely suffered the sting of skyrocketing property tax bills. in 2016, the tribune reported, chicago homeowners' property tax bills increased by an average of 13 percent. this year, property owners are seeing another round of property tax increases.yet some of the chicago area's wealthiest property owners don't pay property taxes.why not? because these wealthy owners are private universities. state law exempts from property taxes property that is owned by universities and used for educational purposes.northwestern university owns 240 acres on the evanston lakefront, plus real estate in chicago's expensive streeterville neighborhood. the university of chicago owns 217 acres in hyde park. these campuses are exempt from the property






deduction-hungry hennepin co. property taxpayers prepaid nearly $200 million


hennepin county property owners hoping to benefit from a vanishing tax break paid $198 million in advance taxes last year, more than 30 times what was prepaid in 2016.taxpayers lined up to pay before the end of 2017 in hopes of a bigger deduction on their federal tax form. unfortunately, the internal revenue service still doesn’t have a definitive answer whether the early efforts will pay off.the rush to pay taxes in advance was prompted by the newly enacted federal law that will cap the annual state and local tax deduction at $10,000 as of jan. 1. that change created an unprecedented surge in prepayments across the nation.a state department of revenue spokesman previously said that the internal revenue service will determine whether property taxes prepaid in 2017 will be deductible on nex






deduction-hungry hennepin property taxpayers prepaid nearly $200 million


hennepin county property owners hoping to benefit from a vanishing tax break paid $198 million in advance taxes last year, more than 30 times what was pre-paid in 2016.taxpayers lined up to pay before the end of 2017 in hopes of a bigger deduction on their federal tax form. unfortunately, the internal revenue service still doesn’t have a definitive answer whether the early efforts will pay off.the rush to pay taxes in advance was prompted by the newly enacted federal law that will cap the annual state and local tax deduction at $10,000 as of jan. 1. that change has created an unprecedented surge in prepayments across the nation.a state department of revenue spokesman previously said that the internal revenue service will determine whether property taxes prepaid in 2017 will be deductible o






deduction-hungry hennepin co. property taxpayers prepaid nearly $200 million


hennepin county property owners hoping to benefit from a vanishing tax break paid $198 million in advance taxes last year, more than 30 times what was pre-paid in 2016.taxpayers lined up to pay before the end of 2017 in hopes of a bigger deduction on their federal tax form. unfortunately, the internal revenue service still doesn’t have a definitive answer whether the early efforts will pay off.the rush to pay taxes in advance was prompted by the newly enacted federal law that will cap the annual state and local tax deduction at $10,000 as of jan. 1. that change has created an unprecedented surge in prepayments across the nation.a state department of revenue spokesman previously said that the internal revenue service will determine whether property taxes prepaid in 2017 will be deductible o






piling on property taxes is no way to fund basic services


our current system of taxation and service delivery wasn’t planned by anyone. it has evolved over time, and it’s breaking down.a few years ago, my brother-in-law collapsed from a massive heart attack. thanks to a passing bicyclist and the heroic efforts of the local fire department, he survived. those first-responder services saved his life.our property-tax system is the financial foundation that these very services are built upon. but our overreliance on property taxes is becoming unsustainable and showing signs of potential collapse.that couldn’t happen here, right? wrong.john wilson is king county’s assessor.in fact, in 1997 king county voters — yes, including some of us in the emerald city — actually rejected a property-tax levy to fund medic 1. the world-famous medic 1 failed at the b






officials: towns may lose money from taxes being paid early


people wait at the town of hempstead tax receiver's office on thursday, dec. 28, 2017, to prepay their 2018 taxes. photo credit: howard schnapp nassau county property owners who prepay 2018 general taxes by sunday may gain a financial benefit this year but could create a fiscal headache for the towns next year, officials said.the three nassau towns must give a 1 percent discount on the second-half bills to property owners who pay the taxes in full, according to the nassau county administrative code. the towns — hempstead, north hempstead...






hundreds lining up daily in dupage, will counties to prepay taxes before year's


thousands of naperville homeowners pay more than $10,000 a year in property taxes and will be impacted by limits to deductions in a new federal income tax plan set to kick in after jan. 1. in lisle township, 3,221 city of naperville property owners — or about 21.5 percent of city residents in lisle... (erin hegarty)






gop's proposed tax plan could hit chicagoans in areas with high property taxes


for chicago-area residents with simple income streams and uncomplicated tax returns, congressional republicans’ proposed tax plan could mean a bigger refund after tax day. but homeowners in areas with high property taxes and homebuyers could take a hit.the plan, introduced thursday, would nearly double the standard deduction to $24,000 per couple, potentially benefiting taxpayers who don’t itemize their federal tax returns. those who do could see their tax bills increase due to scaled-back deductions tied to their property taxes and interest paid on mortgage loans.president donald trump wants the house to pass the bill by thanksgiving and the senate to pass it by the end of the year. lawmakers say the bill could save the average american family $1,182 per year.exact implications for indivi






gop's proposed tax plan could hit chicagoans in areas with high property taxes


for chicago-area residents with simple income streams and uncomplicated tax returns, congressional republicans’ proposed tax plan could mean a bigger refund after tax day. but homeowners in areas with high property taxes and homebuyers could take a hit.the plan, introduced thursday, would nearly double the standard deduction to $24,000 per couple, potentially benefiting taxpayers who don’t itemize their federal tax returns. those who do could see their tax bills increase due to scaled-back deductions tied to their property taxes and interest paid on mortgage loans.president donald trump wants the house to pass the bill by thanksgiving and the senate to pass it by the end of the year. lawmakers say the bill could save the average american family $1,182 per year.exact implications for indivi






property-tax bills in king county are among the nation’s highest — and growing f


the average property-tax bill across king county has jumped 35 percent in the last four years, due to quickly climbing property values and newly approved tax hikes. for the buyer of a typical house in seattle today, property taxes add $400 a month onto a $2,600 mortgage payment.as rising housing costs continue to price more and more people out of the seattle real-estate market, people who already own homes are facing a financial pinch of their own: rising property-tax bills.new data shows king county homeowners pay among the highest property taxes in the country, and that tax bills have been growing quickly with soaring property values and newly approved tax hikes.the average owner of a single-family house across the county will pay $5,660 in property taxes this year, up from $5,175 last y






homeowners line up to prepay their 2018 property taxes


in county tax offices wednesday across minnesota, long lines snaked from counters and urgent phone calls poured in from that rarest of all creatures: property owners who wanted to pay their taxes early."it's a last shot at the deduction," said mark chapin, director of hennepin county's resident and real estate services. "the demand to prepay is something we've never seen before and don't expect to happen again."the rush was prompted by the newly enacted federal tax law that, after jan. 1, will cap the annual state and local tax deduction at $10,000.that's a change that could cost some taxpayers thousands of dollars. and it's the reason why hennepin county officials decided to extend the hours they will accept prepayments on 2018 property taxes and set up the county's website to take paymen






mercury news wish book donations total $425,000


san jose — generous donations continue to come in for the people featured in wish book stories published recently in the mercury news.the latest tally of wish book contributions shows that loyal readers have donated nearly $425,000 to the project in its 34th year of inspiring community giving.among the recent donations was one from leigh high school’s sisters and misters of society club, which stages an annual benefit fashion show to raise funds for a prom for special education students. last fall, the club’s five dozen members decided to broaden their reach.mercury news readers have been dedicated to helping people in need through wish book for 34 years. click here to find out more and how to donate.“we were looking through the wish book and read about little kids and older folks partneri