JERSEY CITY — Mayor Steven Fulop said this week that the city will allow residents to prepay their entire 2018 estimated tax bills.
This would allow property owners to take advantage of a deduction in their tax bills that will change under new federal law as of 2018.
Currently property taxes are now entirely deductible. Starting in 2018, taxpayers will only be able to deduct up to $10,000.
Jersey City originally proposed to cap prepayments for next year for two quarters, as have a number of other towns around the state. But Fulop said the city will allow people to prepay all four quarter payments for next year. This will allow property owners to deduct these from their 2017 income tax returns in April.
