An interesting piece in the New York Times about many Westchester homeowners, living where we pay among the highest property taxes in the nation, are contemplating pre-paying some of their 2018 property taxes.
By prepaying those taxes now, homeowners are hoping to deduct the payments on their 2017 federal taxes.
The Republican tax plan that just passed Congress caps the federal deduction for state and local taxes such as income taxes and property taxes at $10,000 for 2018. In towns and villages in this area, nearly all the residential property tax bills are more than $10,000.
On Friday, Gov. Andrew M. Cuomo signed an executive order suspending state laws that prevented some residents from prepaying for next year.