Published: Wed, December 27, 2017
Global | By Enrique Rogers

Extends hours to prepay property taxes

Extends hours to prepay property taxes

The executive order, signed earlier this month, allows New Yorkers to deduct their 2018 local taxes from their 2017 federal tax return if they file by January 1, the Associated Press reported.

Under the new tax code, taxpayers will no longer be able to deduct state and local taxes from their federal bill once they hit a $10,000 threshold.

Property owners who now pay more than $10,000 for their taxes can pay before December 31, utilizing a deduction that is available in 2017 and will not be available in 2018.

The federal government's treatment of taxes paid to state and local governments is among the biggest changes. Those mailing in their prepayments should talk with their tax advisers to make sure the payment is deductible in 2017, county officials said in a release. The county does not become involved in collection of taxes until bills are judged delinquent. "For more information, or to arrange for early payments, contact your local municipal tax collector".

McHenry County residents swarm treasurer's office to pay property taxes early
Homeowners can not prepay the local income taxes and the state taxes in 2018 to take advantage of present laws. Within that bill are newly imposed limits on the amount of local and state taxes you can deduct.

Any payments in excess of those two quarters can not be credited against payments for taxes not yet billed and may be refunded by the Tax Collector.

John Calandra says the combined school and property taxes on his Wantagh home are more than $10,000. This year, the county's tax warrant will be dated Friday, Dec. 29.

While Cuomo was staunchly opposed to the tax overhaul, the bill had the support of Congressman Chris Collins (R-Clarence), whose 27 Congressional District includes all of Livingston County. "This move will have a devastating effect on thousands of NY homeowners", Cuomo said in a statement.

Of New York's 27 congressional representatives, only four voted in favor of the federal tax bill.

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