2017-12-27 / Front Page

Town officials: Prepay taxes now for potential tax deduction

With a new federal tax code expected to negatively impact all of Long Island, Town of Oyster Bay Receiver of Taxes James J. Stefanich encourages eligible residents to make an advance payment on their property taxes before a new tax code takes effect.

Governor Cuomo signed an Emergency Executive order December 22, 2017, which allows property owners to pay their 2018 General Taxes in 2017.  You can look up your tax info on this TOB site by going into the Tax Receiver’s Department and View 2018 General taxes.  You must then edit and put in your property info, which will bring up your information.  You can also obtain the information over the phone at 516 624-6400 or come into Oyster Bay or the Massapequa office to obtain the information. (checks are accepted in Massapequa and checks and cash in Oyster Bay).  2018 General tax payments mailed must be postmarked by the USPS by December 31, 2017.

Payments for 2018 General cannot be paid online in 2017.

For our residents’ convenience, we will be open the week of December 26, 2017 9 a.m. to 7p.m. and Saturday 9a.m. to 3 p.m.

“Property owners who pay their second-half school taxes prior to January 1, 2018, may be eligible to deduct the payment for federal income tax purposes on their 2017 returns,” Stefanich said. “I am encouraging residents to take advantage of this potential, as this new federal tax code eliminates or caps deductions available to residents.”

Although the second half of school taxes is not due until April 1, 2018, homeowners who pay before January 1 may be eligible to deduct the payment on their income taxes on their 2017 returns. Under the new tax code, recently approved by President Trump, homeowners who pay in the New Year may not be able to deduct the full amount of property taxes on their 2018 returns.

“While it is believed by experts that property owners who pay their second-half taxes in advance may qualify to receive deductions on their 2017 income tax returns, all residents are advised to speak with a tax professional to determine requirements for eligibility.”

The general tax bill will be available online the first week in January 2018.

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