Property Tax Due Date Questions

[irvinerealtor]

I think the question here is how much will Starlight pay? Does he know what his taxes + assessment is?

If they haven't cut him a bill and have acknowledged that... why should he pay?

Depending upon income levels and other deductions, some will find it beneficial to pay (and claim) as much as possible on one year's bill, and as little as possible on the next year, as a tax strategy.  The every-other-year bump can help minimize the overall pain of income taxes.

A qualified, experienced tax advisor is a valuable asset.  If you do not have one, I highly recommend at least investigating the benefits.

-IrvineRealtor

 

[irvinehomeowner]

So he should just estimate his payment? I guess he can make a guess and 1.1 percent would be safe (that would at least cover the base).

 

[qwerty]

I think the question here is how much will Starlight pay? Does he know what his taxes + assessment is?

If they haven't cut him a bill and have acknowledged that... why should he pay?

because it sounded like he wanted to pay them to deduct them.

"Too bad, that means I can not deduct the property tax from the 2010 income tax, I guess"

 

[usctrojancpa]

I think the question here is how much will Starlight pay? Does he know what his taxes + assessment is?

If they haven't cut him a bill and have acknowledged that... why should he pay?

because it sounded like he wanted to pay them to deduct them.

"Too bad, that means I can not deduct the property tax from the 2010 income tax, I guess"

Either that or he finds out about that little pesky AMT phase-out for the property tax deduction.  Neither the IRS nor the State Franchise Board tracks the timing of property tax payments as municipalities don't send out 1098s, but I would highly advise against "fudging" the timing of those property tax payments. 

 

[irvinehomeowner]

Man I hate the Internet.

Other than the tax implications... is there some OTHER reason why he should pay TODAY?

Can they ding him with penalties if they haven't issued an assessment? If he can pay by 12/31/10 w/out penalty... he shouldn't have to pay today and can keep his money for 21 more days.