Prepayment of Property TaxesApril 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.