With many financial advisers and tax accountants scrambling to advise clients in the wake of passage of the new federal tax legislation, Westport Tax Collector Harry Whiteley today added his input.
He did not take a position on what Westport residents should do but said his office will receive immediately payments due in 2018.
In 2018, there will be a $10,000 cap on the deduction for state and local property taxes or of income and sales tax, Whiteley said.
The following taxes listed below are due in the year 2018, but may be paid in advance (before Jan. 1, 2018) so that they may be deducted under current IRS rules:
• 2016 Grand List 3rd installment Real Estate taxes Due 1/1/2018
• 2016 Grand List 4th installment Real Estate taxes Due 4/1/2018
• 2016 Grand List 3rd installment Personal Property taxes Due 1/1/2018
• 2016 Grand List 4th installment Personal Property taxes Due 4/1/2018
• 2016 Grand List Supplemental Motor Vehicle Taxes Due 1/1/2018
He emphasized that these are the only taxes for which prepayment may be applied.
Payments may be in person at the Tax Collector’s office up until Friday, Dec. 29 by 4:30 p.m.
Town Hall Offices are closed Monday, Dec. 25 and Tuesday, Dec. 26.
Payments by mail must be postmarked by Dec. 31 and include a self-addressed, stamped envelope if a receipt is desired.
To view and pay your bills online visit: https://www.mytaxbill.org/inet/bill/home.do?town=westport
If your real estate taxes are escrowed (paid by your bank), you must contact them to discuss payment scheduling.
Taxpayers should consult with their personal tax adviser to confirm that the early payment is appropriate, Whiteley said.
