North Country governments collecting property taxes early
by Zach Hirsch (Plattsburgh Correspondent) , in Plattsburgh, NY
Plattsburgh City Hall. File photo: Zach Hirsch
Dec 28, 2017 — In the North Country and across the U.S., people are scrambling to pay their property taxes before the New Year, when a new federal tax law takes effect. The law puts a $10,000 limit on state and local tax deductions. Last week, Governor Andrew Cuomo signed an executive order allowing people to pay ahead and still benefit from the old rules.
Plattsburgh city officials held an emergency meeting last night to vote on a measure allowing the city’s finance department to collect taxes early.
Mayor Colin Read said a lot of residents pay more than $10,000 in city taxes alone on top of state income taxes. “So much of their tax payments next year will become non-deductible,” Read said. “This really affords them one last opportunity to have that subsidy by prepaying their taxes.”
The city’s 2018 tax warrant passed easily. That means Plattsburgh city residents can now pay part or all of their property taxes before the new federal law takes effect.
People can mail payments to the finance department as long as they’re postmarked by December 31, the city says. Residents can also pay in person – but that’s today only, until 4 pm.
Many other municipalities across the North Country are also allowing prepayments. But if the property value wasn’t assessed in 2017, the IRS says those payments are not deductible.
Reference: https://www.northcountrypublicradio.org/news/story/35340/20171228/north-country-governments-collecting-property-taxes-early