| Huge boost in prepaid taxes in Jersey City, Hoboken in advance of tax changes |
The city collected 355 percent more in prepaid taxes in the final weeks of 2017 than it did the previous year, as property owners rushed to take advantage of a key tax deduction sharply curtailed by the new federal tax overhaul.
Jersey City taxpayers shelled out $12,454,473 prepaying their 2018 tax bills last year, according to figures provided by the city. In 2016, the city collected just $2,736,880 in prepaid taxes.
Overall the city collected prepaid taxes from over 5,600 accounts in 2017, compared to 2,753 the previous year.
The news is even more dramatic in Hoboken, which says it collected $18,654,284 in prepaid taxes from 6,921 accounts last year, compared to $1,390,851 from 1,047 accounts in 2016.
| Read More at NJ.com |
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