NEW YORK (CBSNewYork) — New York City residents, like many others around the country, have been confused about how to handle deductions for property taxes in the wake of the new tax law.
According to Mayor Bill de Blasio, about 600,000 New Yorkers will be affected by the tax law, and the majority of them make less than $75,000 a year.
“This is going to make for a tough situation for many people who have already been struggling to make ends meet,” de Blasio said.
But because of an executive order signed by Gov. Andrew Cuomo, New York City residents can prepay their third- and fourth-quarter property taxes for the city’s fiscal year, which extends into 2018.
The mayor does believe that the tax bill was crafted to target so-called blue states, and states with higher tax burdens.
“But I think there’s more to this than that. I think this was, first and foremost, an effort to give a massive tax giveaway to the wealthy and corporations. They had to find money to do it,” de Blasio said.