Cuomo is allowing New Yorkers to prepay their property taxes

Mark Sommerfeld—Bloomberg  Getty Images

Homeowners in states with the highest property taxes are looking to prepay 2018 bills ahead of a US$10,000 cap on the deduction for state and local levies, including property taxes, in the GOP tax overhaul President Donald Trump just signed.

The federal tax plan, already signed into law, caps the deductibility of state and local taxes at $10,000, effectively raising property taxes and reducing home values in NY and in states across the country.

Cuomo conceded that prepayment may be hard for some households, the outlet reported. Since many taxpayers do not yet know the exact amount of their bill, this will allow for a portion of taxes to be paid early and under the current federal tax law.

Please note for those taxpayers whose taxes are paid by a mortgage company or escrow agent we highly recommended that you contact the mortgage company or escrow agents to confirm that you will be making advanced payments.

Town and county tax bills are released by the county to tax collectors at the town level officially via a tax warrant.

"I have been asked many times about paying 2018 property taxes in 2017 to address the SALT limits of the new federal tax law", Mayor Phil Kramer said in an email statement to the media. The county does not become involved in collection of taxes until bills are judged delinquent. "Fortunately, today's decisive action by Governor Cuomo will assist our members as they help their residents deal with the negative financial impacts federal tax reform will have on millions of New Yorkers". This year, the county's tax warrant will be dated Friday, Dec. 29. "This move will have a devastating effect on thousands of NY homeowners", Cuomo said in a statement. "This legislation will revitalize the American economy, allowing us to compete with other industrialized nations and win".

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