New York State to Give Homeowners a Break After New Federal Tax Law Gov. Cuomo Issues Order to Allow Property Owners to Prepay Their Taxes

New York Gov. Andrew Cuomo (By Metropolitan Transportation Authority of the State of New York, via Wikimedia Commons)

Updated December 27, 2017

New York property owners could get some tax relief from the state following the passage of the sweeping new Republican-backed tax law in Washington.

Last Friday, New York Gov. Andrew Cuomo issued an emergency executive order that would allow homeowners to make partial property tax payments before the end of 2017 and “to help protect property owners in New York from the devastating impact of the GOP tax bill.”

The new federal tax plan that was passed in Congress and signed by President Trump would limit 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,” according to an announcement from Cuomo's office.

In response to the new tax plan, Cuomo said in a statement: "As Washington wages an all-out assault on this state and this nation, I have authorized local governments to allow property owners to pay part or all of their taxes early. New York has made unprecedented progress reducing the burden of taxes on our middle-class families, and we will not allow this attack to roll back all that we have achieved. This Executive Order will allow property owners to deduct either part or the full amount of their payment from their federal taxes before the GOP tax bill goes into effect."

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