HOBOKEN, N.J. (CBSNewYork/AP) — Some New Jersey residents are scrambling to pay their 2018 property taxes in advance of new federal limits on how much they can deduct.
Perhaps nowhere is that personified more than in Hoboken. A city spokesman tells The Associated Press that through last Thursday, about 1,400 people had prepaid.
That’s compared to about 100 or 200 normally.
Tax reform law signed by President Donald Trump caps the deduction for state and local taxes at $10,000. That’s expected to hit hard in New Jersey, where residents pay the highest property taxes in the nation.
Republican Gov. Chris Christie has proposed letting New Jersey taxpayers write off their property taxes on state returns. But it’s not clear how much he’ll push for that before he leaves office in three weeks.
New Jersey taxpayers are not alone. Crowds lined up in Hempstead Tuesday to prepay their 2018 property taxes early, as did homeowners in cities with high property taxes across the country.
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