Brick residents whose property tax bill exceed $10,000 have one more day to pre-pay their 2018 bill in anticipation of new federal tax policy.
Come 2018, the amount of property taxes that can be deducted from a homeowner’s federal income tax return will capped at $10,000. But if the bill is paid before 2018 begins, the full amount can be deducted from the 2017 return.
The highest residential property tax bill in all of Brick is $110,032 – an estate on Princeton Avenue. A Brick resident’s average tax bill is $6,264, according to state records. The Nationally, the average homeowner pays $3,028 in property taxes.
“Our tax collector’s office has been busy due to the significant number of residents who are going to be impacted by the new law that caps the amount of local taxes that can be deducted,” said Mayor Ducey, in a statement. “We want to make sure any residents concerned about the impact know that the clock is ticking on prepaying your taxes.”
The collector’s office will be open until 4 p.m. Friday. Payments now must be made in person, since online payments made Friday will be processed after the new year.