Author Topic: New Yorkers may be able to prepay more of their 2018 property taxes  (Read 950 times)

Poundwise

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I have a couple of school and municipality taxes that cover 2017-2018, and are due in January, so I just prepaid them.   Called my mortgage company and they said all I have to do is send them a copy of my receipts and they will refund me from my escrow account. So that ought to save me close to a thousand dollars. 

However, there are taxes for the remaining half of the year which I could not pay because there is no warrant for them yet. Fortunately Cuomo has suspended a law that prevents taxpayers from making partial payments on their next year’s income tax liabilities and urges school systems to issue early warrants based on last year's budget, so hopefully more New Yorkers can prepay more of their taxes.  Although some articles state that partial payment only helps those with property taxes over $10K, I disagree. Many who are now itemizing, like me, may not find it worth our while to do so in 2018. Which means we should take what property and charitable deductions we can in 2017.

http://buffalonews.com/2017/12/22/cuomo-oks-route-for-homeowners-to-pre-pay-2018-property-taxes/

Nate79

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Re: New Yorkers may be able to prepay more of their 2018 property taxes
« Reply #1 on: December 23, 2017, 08:29:29 PM »
Prepaying state income taxes is not allowed under the new tax law.

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bacchi

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Re: New Yorkers may be able to prepay more of their 2018 property taxes
« Reply #2 on: December 23, 2017, 10:39:07 PM »
Prepaying state income taxes is not allowed under the new tax law.

Property taxes.


 

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