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