IRS sets limited conditions for prepayment of property taxes

Washington

THE Internal Revenue Service (IRS) announced on Wednesday (Thursday morning, Singapore time) that US taxpayers could prepay their 2018 property taxes only if they have already received a tax assessment from their local government and they make payment by Dec 31 this year.

The announcement both clarifies who can prepay property taxes but also threatens to create confusion in state and localities across the country where taxpayers have been rushing all week to prepay property taxes after US President Donald Trump signed into law a new Republican tax bill before Christmas.