Cuomo is allowing New Yorkers to prepay their property taxes

Executive order to ease burden of GOP tax reform

TRD New York /
Dec.December 26, 2017 02:00 PM

Mitch McConnell and Gov. Andrew Cuomo (Credit: Getty Images)

Gov. Andrew Cuomo signed an executive order allowing New Yorkers to prepay their property taxes in a bid to ease the burden of the GOP tax reform.

Under the new tax code, taxpayers will no longer be able to deduct state and local taxes from their federal bill once they hit a $10,000 threshold. The executive order, signed earlier this month, allows New Yorkers to deduct their 2018 local taxes from their 2017 federal tax return if they file by Jan. 1, the Associated Press reported.

Cuomo conceded that prepayment may be difficult for some households, the outlet reported.

Last week, the influential New Jersey state legislator Stephen Sweeney urged Gov. Chris Christie to make it easier to prepay property taxes.The Real Deal recently broke down how tax reform could impact New York’s real estate industry.  [AP]Konrad Putzier

Related Articles

Alexandria Ocasio-Cortez, Bernie Sanders and Elizabeth Warren

By the numbers: Breaking down national housing agendas from the far left

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone just sold off a 29M sf national industrial portfolio

The purge continues: WeWork’s head of real estate is leaving

Judith and Rudy Giuliani Rudolph and Judith Giuliani are divorcing after 16 years. (Credit: Getty Images, Trulia, Highrises)

Luxury properties at play in Rudy Giuliani’s ugly divorce

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Senator Brad Hoylman and Billionaires' Row (Credit: StreetEasy, NY Senate)

Pied-à-terre tax to make a return in Albany, lawmakers say

Jimmy Van Bramer (Credit:, iStock)

After failing to meet his own deadline, Queens council member returns thousands in real estate donations

General contractors are suffering under Trump’s new tariffs on Chinese goods