The office of the First Selectman released a statement on Tuesday afternoon, saying that the “Tax Cuts and Jobs Act” of 2018, which is currently before Congress, includes numerous changes to an individual’s federal taxes. One major change is whether, or to what extent, local property taxes shall be an allowable deduction.
“The assumption is this shall affect an individual’s 2018 tax return, not one’s 2017 tax return,” the first selectman said in the statement.
According to incoming tax collector, Howard Richman, there is a benefit to paying early for taxpayers with high real estate taxes.
“The bill that is being passed will lower the amount that is deductible in 2018 so if taxes are paid this year there will be a larger deduction,” Richman said.
In light of this, taxpayers may wish to pay to the Town of Greenwich the second half of the fiscal year 2017-18 by December 31st, 2017. This bill is due by February 1st, 2018.
The Town of Greenwich will send out the January tax bills as soon as possible. However, taxpayers need not wait for the bill, and may pay it at any time.
Residents can expect that the January tax bill to be the same amount as the bill they received in July.
For more information, please call the Tax Collector’s office at 203-622- 7891.