County Treasurer on Pre-payment of Property Taxes

Written by on December 26, 2017

News Release: Genesee County Treasurer Scott German

There have been several phone calls to my office regarding the pre-payment of 2018 Town/County property taxes to be paid to the Town Tax Collector before December 31, 2017.

1. The new Federal Income Tax Law will only affect an estimated 10-15% of the population in Genesee County as far as the SALT deduction. The law allows taxpayers to deduct up to $10,000 a year in a combined New York State income tax and property taxes. So if your deduction of those taxes are less than the $10,000.00, it probably doesn’t make sense to pay your 2018 taxes early. For example, if your 2018 town/county, school and village taxes are $2,500.00 and your total New York State taxes paid will be $3,500.00 = $6,000.00. Total taxes paid are $6,000.00 which is less than the maximum $10,000.00 allowed; therefore your taxes would still be deductible on your 2018 tax return.

2. It is unclear whether or not the IRS will allow a deduction of pre-payment of 2018 taxes on your 2017 tax return; please consult your tax accountant for clarification.

3. The tax bills are effective for the county fiscal year of January 1, 2018 – December 31, 2018. Payment for these taxes should be made January 1 or after.

4. This law has no effect on residents of the City of Batavia since city/county tax warrant isn’t until May.

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