Governor Cuomo has signed an executive order allowing New Yorkers to pre-pay some of next year’s property taxes before the end of this year. People who pre-pay can fully deduct the amount from their federal taxes. That deduction will be capped at 10 thousand dollars in the tax overhaul passed by Congress this week.
While most middle class Americans will have their federal taxes reduced under the new bill, the cap on deductibility will hit some taxpayers hard in states like New York with high state taxes. The Messenger Post reports residents in some counties, including Ontario and Wayne, have been prohibited from pre-paying property taxes. That prohibition was lifted in the Governor’s order. The last business day of the year for those who want to pre-pay is next Friday.