This week, Congress passed a tax bill that drastically limits the ability to deduct state and local taxes beginning on January 1.According to Governor Andrew Cuomo this move will have a devastating effect on thousands of New York homeowners.
Cuomo announced that hesigned an emergency Executive Order that will allow New Yorkers to pre-pay next year’s property taxes this year, before the new tax law takes effect. He directed the Department of Taxation and Finance to work with local governments to facilitate early tax collection.
The federal tax plan caps the deductibility of state and local taxes at $10,000, effectively raising property taxes and reducing home values in New York and in states across the country.
The order authorizes localities to issue warrants for the collection of early property tax payments and to accept partial payment — allowing New Yorkers to pay a portion or all of their 2018 property taxes before the end of the year to keep the deductibility.
Homeowners are advised check with their local government and school district to see if you are eligible for to make an early payment. Since the deadline is December 31, Cuomo urged homeowners to act quickly.
Online payments can be made until 11:59 p.m. on Sunday, December 31, 2017, and payments made by mail that are postmarked on or before December 31, 2017 will be authorized.
“As Washington wages an all-out assault on this state, I will continue to do everything in my power to protect New York and protect New York’s values, said Cuomo.
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