Colorado property tax prepayments top $195 million after rush to duck GOP bill’s cap | SummitDaily.com

Colorado property tax prepayments top $195 million after rush to duck GOP bill’s cap

The payment scurry was spurred in part by media reports about a $10,000 cap on state and local tax deductions

By JOE RUBINO, JESSE PAUL and JOHN AGUILAR / The Denver Post

Eric Smith, at right, pre-pays his 2018 property taxes with Boulder County Treasurer Paul Weissmann at the Boulder County Courthouse on Wednesday.

More than $195 million in prepaid property taxes flowed in to county treasurers across Colorado in the waning days of 2017 as taxpayers rushed to duck a new cap on deductions included in the recently passed Republican tax bill.

And that number is expected to rise significantly as the tallying continues.

"It was definitely the busiest we've ever been. Even more so than tax deadline day," said Adams County Treasurer Brigitte Grimm, whose staff collected nearly $9 million from about 1,900 properties. "Normally the last week of the year it's crickets. We were actually short-staffed. Nobody was taking breaks. Nobody was taking lunches."

The rush to prepay — spurred in part by media reports about a $10,000 cap on state and local tax deductions that the federal government will begin enforcing this year and advice from financial advisers on how best to cash in before that new rule sets in — has now waned.

Colorado treasurers' offices this week reported they are now going about the standard early January work of processing tax rolls passed along by county assessors and preparing to mail official property tax bills.

Those officials are also taking stock of what the rush of payments will mean to taxpayers and state governments.

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