Dear valued clients and supporters: Governor Cuomo has signed an emergency Executive Order that will allow New Yorkers to pre-pay next year’s property taxes this year, before the new tax law takes effect.
This is an opportunity for those with liquidity and expect to pay more than $10,000 towards state and local income, sales and property taxes in 2018 to consider, however, time is of the essence as payments have to be made by December 31. The order authorizes localities to issue warrants for the collection of early property tax payments and to accept partial payment — allowing New Yorkers to pay a portion or all of their 2018 property taxes before the end of the year to keep the deductibility. (https://www.governor.ny.gov/news/governor-cuomo-takes-emergency-executive-action-deliver-property-tax-deductibility-new-yorkers). The Governor's office advises contacting the tax collector for your county for additional information.
Over the coming months, as more clearer details emerge regarding the new tax code, we will provide periodic updates that may impact you personally, professionally and your business.
We wish all of our clients and supporters the best in the coming new year and thank you for your continued trust in our counsel. Happy holiday!