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On December 22, 2017, Governor Cuomo executed an emergency Executive Order that allows New Yorkers to prepay their 2018 property taxes in 2017, prior to the effective date of the new federal tax law that imposes limits on the amount of the state and local tax deduction.
The order authorizes localities to issue warrants for the collection of early property tax payments and to accept partial payment, thereby allowing New Yorkers to pay a portion, or the total amount, of their 2018 property taxes in 2017. For those taxpayers not subject to the Alternative Minimum Tax with respect to the 2017 tax year, prepayment of property taxes may result in a lower federal tax liability for the 2017 tax year.
The deadline for payments is December 31, 2017. Payments made by mail and postmarked on or before December 31, 2017 will be considered timely made. If the county at issue accepts online payments, taxpayers may pay online until 11:59 p.m., Sunday, December 31, 2017.
If you have any questions with respect to the terms of the Executive Order, please reach out to your Friedman LLP tax advisor.