Can you prepay Oregon property taxes to beat cap on federal deductions?
EUGENE, Ore. - If you're planning to prepay your property taxes to beat the cap on state and local tax deductions in the new federal tax code, you might want to think again.
The Lane County tax assessor says you can not prepay property taxes for the 2018 and '19 calendar years.
That hasn't stopped taxpayers from trying.
The tax assessors office says about 25 percent of their phone calls this week are about the new federal tax code and its effect on property taxes.
If you've already mailed a prepayment for 2018-2019 tax year, you aren't alone - and the county will send the check back to you.
People across the nation are trying to prepay property taxes for the next couple of years before the end of this year to avoid deduction limitations.
The tax assessor says you are only allowed to pay ahead of time if it's for this calendar year - and if you pay in installments.
"If they get the payment in by the end of the year," said Mike Cowles, the county assessor, "that would be an allowable payment under property taxes. It's not really a prepayment, it's a payment before the payment schedule is actually due on that property tax."