« Return to news

Prepayment of Property Taxes

April 6, 2018 | TARC updates

IGFOA has received inquiries from members regarding prepayments of property taxes made in response to federal tax law changes and related distributions made from the various counties. Governments should continue to follow their own policies regarding revenue recognition of property taxes, regardless of timing of payments received.

IGFOA TARC and the ILCPA Society jointly issued a whitepaper on GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions.

The document is available on the IGFOA TARC Webpage and can also be downloaded at https://www.igfoa.org/content/documents/illinois_cpa_society-the_gasb_33_impact_on_property_tax_recognition_in_illinois.pdf.

Member services

Manage your IGFOA profile, settings, preferences, and more.

Manage your membership profile »
Username + password, contact info, etc.
Track your CPE credit »
Keep your credits up-to-date
Renew your membership »
Don't lose access to valuable benefits
Latest Job Listings

Browse all job listings »

Employers, find top candidates
Post a job listing »

Get Involved

The IGFOA needs you. Volunteers are key to our diverse programs and services. Please help the IGFOA continue to promote excellence in governmental finance.


Have something to share? We want to hear from you! Submit suggestions, comments, or ideas for articles and educational events »