MMK Taxes

As 2017 drew to an end, local residents went to the Town of Mamaroneck office to prepay property taxes in an effort to lock in deductions that will be capped at $10,000 in 2018. Town of Mamaroneck officials informed residents on which taxes could be prepaid (some Town and some school taxes could be prepaid while other Village taxes could not). Accountants warned that lining up too many deductions could leave residents to be subject to the alternative minimum tax and could be cancelling out any advantage. Regardless of the warnings, hundreds of taxpayers swarmed the Mamaroneck Assessor’s office at year’s end. Although the deadline to prepay taxes has passed, there is still confusion about the new tax rules as New York State officials search for ways around the restrictive cap.