December 28, 2017

Statement by DFS Superintendent Vullo Regarding Prepayment of Property Taxes Tied to Mortgages

"The federal tax bill jeopardizes the ability of middle class New Yorkers to fully deduct property taxes beginning in 2018. As a result, Governor Cuomo has issued an Executive Order authorizing all New Yorkers to prepay property taxes in 2017. Consistent with the Governor's direction, I encourage all New York chartered or licensed banks, credit unions, mortgage lenders and other mortgagees that include property taxes in an owner's monthly mortgage bill or otherwise pay property taxes on behalf of owners, to issue a statement immediately for 2018 taxes so that all homeowners can choose whether to prepay property taxes prior to the end of 2017."