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Old 03-30-2010, 11:51 AM
 
1 posts, read 4,612 times
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Default am i allowed to pay my property tax in advance by a year or two ?

just curious if paying property taxes in advance is acceptable or not ?
considering putting money into the bank isn't making interest money anymore, might as well put savings into my land while i got it or otherwise i might waste money $$$$ elsewhere

what do you think ?
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Old 03-30-2010, 12:51 PM
 
Location: Hawaii
1,707 posts, read 3,813,722 times
Reputation: 915
You can still draw a couple of percent, better you have it than the state/county government.
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Old 03-30-2010, 01:49 PM
 
24 posts, read 33,873 times
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Not only could you potentially earn even a small amount of interest if it was invested in a bank, you would also have access to your money. Its not like you're gonna be able to 'ask for it back' if something comes up that you need to spend it on, or an opportunity to invest it!

Just something to chew on.
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Old 03-30-2010, 02:05 PM
 
Location: Pahoa Hawaii
844 posts, read 2,570,133 times
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I doubt it's allowed anyway, since property values are reassessed nearly every year, (at least mine are), and the tax amount changes.
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Old 03-30-2010, 02:22 PM
 
Location: Westminster, CO
47 posts, read 94,870 times
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Have you looked into a CD to put your money into that will mature when you prop tax is due?
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Old 03-30-2010, 09:05 PM
 
Location: Moku Nui, Hawaii
5,466 posts, read 8,636,097 times
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You probably could pay in advance. I like to keep a credit on our phone bills and our credit cards just in case I miss a payment there won't be a late fee. Ask the tax office if they allow you to keep a balance on your account. Or just overpay them and see if they send it back. Betcha they won't!
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Old 03-30-2010, 11:34 PM
 
Location: Maui County, HI
3,670 posts, read 2,644,339 times
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Makes no sense, why not save the money in case something happens and you need it?
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Old 08-14-2012, 01:05 AM
 
1 posts, read 3,226 times
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I know this is bumping an old thread, but it at times makes complete sense, especially if you are in a higher tax bracket. IIRC you deduct property tax on when it was paid, not the year it was applied to. If you are in say a 32% tax bracket and you pay a year in advance, (say $2000), you get to deduct $2000 off your income, or basically save $640 in taxes.

This is very helpful if you have a high income year, or a year with less deductions than you would normally have. True it means you won't be able to "double up" on the taxes next year, but you have to weigh if the next year is going to be another high year.

I work overseas, and especially this year, I am going to be in a pretty high tax bracket, but next year I am only working a little over half the year. I will pay next year's taxes this year, and save the $$$ on deductions.
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Old 08-14-2012, 10:24 PM
 
Location: Maui County, HI
3,670 posts, read 2,644,339 times
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Quote:
Originally Posted by guitaraholic View Post
I know this is bumping an old thread, but it at times makes complete sense, especially if you are in a higher tax bracket. IIRC you deduct property tax on when it was paid, not the year it was applied to. If you are in say a 32% tax bracket and you pay a year in advance, (say $2000), you get to deduct $2000 off your income, or basically save $640 in taxes.

This is very helpful if you have a high income year, or a year with less deductions than you would normally have. True it means you won't be able to "double up" on the taxes next year, but you have to weigh if the next year is going to be another high year.

I work overseas, and especially this year, I am going to be in a pretty high tax bracket, but next year I am only working a little over half the year. I will pay next year's taxes this year, and save the $$$ on deductions.
Who pays $2000 in property taxes? Property tax is almost nothing in Hawaii. We're talking a few hundred dollars.
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Old 08-14-2012, 10:55 PM
 
Location: Volcano
10,864 posts, read 8,190,590 times
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Quote:
Originally Posted by winkosmosis View Post
Who pays $2000 in property taxes? Property tax is almost nothing in Hawaii. We're talking a few hundred dollars.
Residential property rate in Hawai'i County is $9.10 per $1, 000 valuation. On $210,000 assessed value that would be about a $2,000 per year. On Maui the residential rate is $5.75/1,000 or $2,000 on $348,000 value.

Granted it's not as bad as Texas, but it's not "almost nothing" either.
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