Ohioans Flock To Prepay Taxes Before End Of Year
Tax departments throughout the state are fielding questions from taxpayers about the pre-payment of local tax bills. Some are considering paying taxes by the end of 2017 so they can still deduct them from their taxes under new tax rules going into effect.
If you call the Delaware County tax department, you are likely to hear this message from county treasurer Jon Peterson.
“We are experiencing extremely high traffic at this time due to interest in the prepayment of real estate taxes.”
Delaware County isn’t alone. Tax departments throughout the state report they are also getting questions from people who want to pre-pay their taxes now. Ohioans might be able to pre-pay some real estate taxes but rules for doing that vary in different counties.
The Internal Revenue Service warns pre-payment might not be tax deductible in some cases. It says whether a taxpayer is allowed a deduction for prepayment of taxes in 2017 depends on whether real property taxes are assessed prior to 2018. The IRS says a prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017.
Copyright 2017 The Statehouse News Bureau