The federal tax plan, signed into law, 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.
Governor Cuomo signed an executive order on 12/22/2017 to suspend local laws limiting the ability of taxpayers to make partial payment of property taxes until the end of the year. 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.
Each local tax collector is now authorized and directed to accept partial payments of warranted taxes from property owners until the close of business on Friday, December 29, 2017. 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 are authorized.
Stop what you are doing and pre-pay your 2018 tax now to still get your deductions!!!