Friday, December 22, 2017

Emergency Executive Action Taken to Deliver Property Tax Deductibility for New Yorkers

Earlier today, Governor Andrew Cuomo issued an emergency Executive Order to help protect property owners in New York from the devastating impact of the GOP tax bill. This order authorizes local governments to immediately issue tax warrants for the collection of 2018 property tax payments and allows property owners to pay at least a portion of their bill before the end of the year and under the current tax construct. The Governor directed the Department of Taxation and Finance to work with local governments to facilitate early tax collection.

The federal tax plan, signed into law today, 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.

Audio of Governor Cuomo's remarks is available here.

Source: Press Office, Governor Andrew M. Cuomo

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