paying property taxes early?

keep hearing the news quip on wmal about how moco residents are paying taxes early for a tax break that will be gone next year..

are we doing that in somd? can we?
 

Gilligan

#*! boat!
PREMO Member
Like many, mine are paid from escrow by the mortgage company. Don't have any control over when payment gets made as fair as I can see.
 

transporter

Well-Known Member
Like many, mine are paid from escrow by the mortgage company. Don't have any control over when payment gets made as fair as I can see.
:killingme :killingme :killingme

OMG! This will be the funniest thing I read all day!!!! Probably the funniest thing I will see this month!!!!

The great businessman...Ivy league attendee...graduate level statistician...doesn't know how to pay property taxes??? Doesn't know he can go to his county treasurer and WRITE A CHECK???? Doesn't know that those who don't have a mortgage pay BY CHECK every freaking year?!?!?

Oh lord!! Thank you for this blessing!!!

Oh Lord...can you make it better...can you have this business guru please post about what is and what is not included in the tax return of a multi faceted international corporation?? Actually, Lord, I rescind that request...I may laugh so hard I will be unable to breath.

(For the rest of you: the new tax law limits STATE, local income and property tax deductions to $10,000. If your combined income and property tax at the state and local level is more than $10K, then prepaying WILL help you...IF--and only IF--your county will allow you to pre-pay. There is also the matter of how the IRS interprets the wording of the new law. As mentioned many times, this is probably one of the worst pieces of legislation written. The fact that is was completed in the dead of the night during the third week in December has created an unnecessary scramble. The manner in which this legislation was passed in addition to the actual content is just more proof of the broken nature of Congress and the incompetence of this administration.)
 

Bird Dog

Bird Dog
PREMO Member
$10,000 in property taxes equate to a million dollar home. Unless you’re home is worth over a million there isn’t any benefit in paying early and it’s only for one year.

MoCo is just being their Liberal selves in making a stand, but they probably do have more homes over a million.
 

Gilligan

#*! boat!
PREMO Member
:killingme :killingme :killingme

OMG! This will be the funniest thing I read all day!!!! Probably the funniest thing I will see this month!!!!

The great businessman...Ivy league attendee...graduate level statistician...doesn't know how to pay property taxes??? Doesn't know he can go to his county treasurer and WRITE A CHECK???? Doesn't know that those who don't have a mortgage pay BY CHECK every freaking year?!?!?

Oh lord!! Thank you for this blessing!!!

Oh Lord...can you make it better...can you have this business guru please post about what is and what is not included in the tax return of a multi faceted international corporation?? Actually, Lord, I rescind that request...I may laugh so hard I will be unable to breath.

(For the rest of you: the new tax law limits STATE, local income and property tax deductions to $10,000. If your combined income and property tax at the state and local level is more than $10K, then prepaying WILL help you...IF--and only IF--your county will allow you to pre-pay. There is also the matter of how the IRS interprets the wording of the new law. As mentioned many times, this is probably one of the worst pieces of legislation written. The fact that is was completed in the dead of the night during the third week in December has created an unnecessary scramble. The manner in which this legislation was passed in addition to the actual content is just more proof of the broken nature of Congress and the incompetence of this administration.)
None of that made a lick of sense sweetie. Carry on.
 

Gilligan

#*! boat!
PREMO Member
$10,000 in property taxes equate to a million dollar home. Unless you’re home is worth over a million there isn’t any benefit in paying early and it’s only for one year.

MoCo is just being their Liberal selves in making a stand, but they probably do have more homes over a million.
. Lots of homes in Montgomery and Howard counties worth north of a million, of course.

Bet most of their property tax bills are paid from their escrow accounts by their mortgage companies. ;-). Home and flood insurance too.
 

awpitt

Main Streeter
$10,000 in property taxes equate to a million dollar home. Unless you’re home is worth over a million there isn’t any benefit in paying early and it’s only for one year.

MoCo is just being their Liberal selves in making a stand, but they probably do have more homes over a million.
That is incorrect. Property taxes are based on a percentage of every dollar of the accessed home value. You don't have to have a million dollar home in order to have a $10,000 property tax bill.
 

awpitt

Main Streeter
None of that made a lick of sense sweetie. Carry on.
What part doesn't make since? Anyone can go to the county treasurer and pay their property taxes directly. If your mortgage company is paying them out of escrow, you can show them that you've already paid the tax and they will lower you're monthly mortgage payment accordingly for that tax year. Or, you can just leave it alone and you'll get an escrow overage refund when they do the annual escrow reconciliation. It's not difficult.
 

Gilligan

#*! boat!
PREMO Member
That is incorrect. Property taxes are based on a percentage of every dollar of the accessed home value. You don't have to have a million dollar home in order to have a $10,000 property tax bill.
The simple relationship BD posed is not far off the mark actually. My property tax bill is roughly 10% of my property value at this time.
 

Gilligan

#*! boat!
PREMO Member
What part doesn't make since? Anyone can go to the county treasurer and pay their property taxes directly. If your mortgage company is paying them out of escrow, you can show them that you've already paid the tax and they will lower you're monthly mortgage payment accordingly for that tax year. Or, you can just leave it alone and you'll get an escrow overage refund when they do the annual escrow reconciliation. It's not difficult.
Post links to the mechanism that is in place for us to do that ....in fact. With no tax bill in hand.... you go do it and let us know the steps.
 

Blister

Member
The SALT deduction is State and local taxes (property, sales, and income). Not hard in Md. to exceed $10K.

How does the SALT deduction work?

Under the new plan, taxpayers who itemize will be able to deduct their state individual income, sales and property taxes up to a limit of $10,000 in total starting in 2018.


http://money.cnn.com/2017/12/20/pf/salt-deductions-new-tax-plan/index.html

Also St. Mary's is glad to take your money early.

https://smnewsnet.com/archives/428232/st-marys-county-treasurer-accepting-overpayments-2017-real-estate-taxes/
 

Gilligan

#*! boat!
PREMO Member
The SALT deduction is State and local taxes (property, sales, and income). Not hard in Md. to exceed $10K.

How does the SALT deduction work?

Under the new plan, taxpayers who itemize will be able to deduct their state individual income, sales and property taxes up to a limit of $10,000 in total starting in 2018.


http://money.cnn.com/2017/12/20/pf/salt-deductions-new-tax-plan/index.html

Also St. Mary's is glad to take your money early.

https://smnewsnet.com/archives/428232/st-marys-county-treasurer-accepting-overpayments-2017-real-estate-taxes/
Link not working...I'll go poke around
 

vraiblonde

Board Mommy
PREMO Member
Patron
When I saw this on the news last night, I thought, "Oh, wow, look at all the rich Democrats trying to get out of paying their fair share..."

Chris Christie - GOVERNOR Chris Christie - had the nerve to whine that his property taxes were over $40k a year, and boo hoo hoo now he can't write them all off. Well, Governor Christie, perhaps if your state didn't tax its citizens into the stratosphere, you might not have freaking property taxes that are more than many people in your state even make in a year.

That was one of the more elitist tone-deaf things I've ever heard a politician say.
 

awpitt

Main Streeter
You got that right...you did nothing. I see no indication anywhere that a mechanism has been set up so anyone pay their 2018-2019 bill early.
What mechanism are you looking for? You walk into the Treasurer's Office and hand them a check. How complicated is that?

Due to increasing requests from citizens, the St. Mary’s County Treasurer is accepting overpayments for 2017 real estate taxes to be applied to future tax liabilities. Overpayments are being accepted in the treasurer’s office and by mail.Requirements:

  • Property owners understand that the St. Mary’s County Treasurer and staff are not providing tax advice by offering an option for overpayment of 2017 real estate tax liabilities.
  • Each property owner should contact their tax advisor with any questions regarding Federal and State tax laws.
  • All owners making walk-in overpayments will receive a receipt with the date of overpayment and the amount of their overpayment.
  • All owners making mail-in overpayments will need to include a self-addressed stamped envelope (SASE) to receive a dated receipt. Overpayments received in our office will be provided a receipt in their SASE envelope with the date of their postmark.
https://smnewsnet.com/archives/428232/st-marys-county-treasurer-accepting-overpayments-2017-real-estate-taxes/
 

Bird Dog

Bird Dog
PREMO Member
That is incorrect. Property taxes are based on a percentage of every dollar of the accessed home value. You don't have to have a million dollar home in order to have a $10,000 property tax bill.
...and the average percentage is about 1%........genius

1% X $1,000,000=$10,000
 

vraiblonde

Board Mommy
PREMO Member
Patron
What part doesn't make since? Anyone can go to the county treasurer and pay their property taxes directly. If your mortgage company is paying them out of escrow, you can show them that you've already paid the tax and they will lower you're monthly mortgage payment accordingly for that tax year. Or, you can just leave it alone and you'll get an escrow overage refund when they do the annual escrow reconciliation. It's not difficult.
Have you ever actually tried to do that? In real life it becomes a cluster**** of miscommunication and a nightmare of phone calls, faxes, and frustration. My overage was not only not applied by my mortgage company, the County assured me they had no record of my transaction even AFTER I showed them my paperwork. It took several months of attention before it was straightened out.
 
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