Plattsburgh City Council will hold a special meeting Wednesday night to finalize the 2018 tax warrant.
This after New York Governor Andrew Cuomo issued an executive order authorizing local governments to issue warrants no later than Thursday.
Plattsburgh Mayor Colin Read issued a statement saying, “Obviously there is little we can do in the long run to fix this. I estimate that depending on the tax brackets and whether our residents itemize deductions, this loss of deductibility will cost residents between one and five million dollars in lost deductions for city, school district and county taxes.”
The order allows repayments of 2018 property taxes in advance.
Some New Yorkers are acting fast because next year you will not be able to write off more than $10,000 in state and local taxes.
Experts say we still don’t know whether the IRS will accept these early payments.
“We know that Governor Cuomo and other policy makers have sort of said ‘we’re going to allow it’ but we don’t know for sure. Said Hugh Johnson, Chief Investment Officer of Hugh Johnson Partners.
Payments in New York must be post marked by December 31.
Most municipalities accept payments in person at town halls or online with a credit card or e-check.