CNYC | Property Tax Abatements Continue

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Published: December 2001

PROPERTY TAX ABATEMENTS CONTINUE

On September 7, 2001, Governor Pataki signed legislation extending property tax abatements for homeowners in New York City cooperatives and condominiums through June 30, 2004 at the rate of 25% for buildings with average assessments of $15,000 or less per unit, and 17.5% where assessments are higher. Because taxes were collected in July and October without consideration of the abatement, January and April tax bills for cooperative buildings and condominium units will be adjusted to reflect a full year of abatement. Cooperatives must distribute the current abatement to shareholders by 6/30/02 following the guidelines provided in November by the Department of Finance.

An article in the New York Times on 12/21/1 on budget cuts raised concern when it mentioned that legislation to lower taxes on cooperatives had not been passed. This does NOT refer to our abatement program, but to additional tax relief which had been proposed at the request of City Council Speaker Vallone, but was not enacted into law.

CNYC and the Action Committee for Reasonable Real Estate Taxes will continue their dozen-year crusade for a permanent program of property tax fairness for all New Yorkers and will keep members informed of progress. Your generosity over the years has helped support the efforts of the Action Committee.

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