To: ALL NYC COOPERATIVE & CONDOMINIUM APARMENT OWNERS
Subject: Potential Loss of Real Estate Tax Abatements
DISASTROUS ALBANY VOTE
HURTS NEW YORK CITY
On May 17th, the New York State Legislature rescinded the City income
tax on NYS commuters. This will reduce New York City annual revenue
by at least $210. If legal actions by New Jersey and Connecticut are
successful, lost revenues could increase to $380 million.
CITY BUDGET MUST COPE WITH
REVENUE LOSS
The Mayor and the City Council must determine how to deal with this
revenue loss. Notwithstanding an apparent $2 billion surplus, which
cannot be projected into the future, New York City must continue to
operate in a very difficult financial environment. Before this devastating
event, the Mayor
had proposed approximately $400 million in tax reduction for Fiscal
Year 2000, of which $166 million was designated for continuing property
tax abatements for homeowners in cooperatives and condominiums. It is
the largest single item in the Mayor's tax reduction program. Now the
need to deal with a $380 million revenue loss makes the co-op and condo
tax abatement program very vulnerable.
YOUR LETTERS CAN SAVE THE CO-OP/CONDO ABATEMENTS TO ENSURE THAT THE
ABATEMENT PROGRAM IS CONTINUED, WE NEED YOU TO WRITE TO MAYOR GIULIANI
AND CITY COUNCIL SPEAKER PETER VALLONE WITH COPIES TO YOUR REPRESENTATIVES
IN THE CITY COUNCIL, THE ASSEMBLY, & THE STATE SENATE TODAY.
Unless there is an outpouring of concern by individual apartment owners,
we may lose this important program. Please make an effort to have every
resident of your cooperative or condominium send letters right away.
You can make copies of the suggested letters on the back of this page
or write ones
of your own that contain information about your own building. For the
names of your representatives you can contact the League of Women Voters
at 212 684-8484 between the hours of 10 AM and 4 PM. The substantial
abatements you have received, and will continue to receive if we are
successful, should justify this effort.
Thank you,
Martin E. Karp
Chair
SAMPLE LETTERS
May ____, 1999
The Honorable Peter F. Vallone
Speaker of the City Council
City Hall
New York, NY 10007
Dear Speaker Vallone:
We know that you fought against the State Legislature's ill considered
recission of the commuter tax, and that you are now considering how
to deal with the resultant revenue loss. We are also well aware of the
continuing actions of the City Council under your leadership to address
the inequity in
real estate taxation of cooperative and condominium residences.
As you know, the legislation authorizing the 3-year abatement program
has expired. Without immediate action, absent a long term plan, cooperatives
and condominiums will lose the partial relief that the abatement program
had been providing.
We respectfully request your strong support for continuation of the
abatement program in the current budget negotiations and for a joint
New York City recommendation to the New York State Legislature to pass
the requisite enabling legislation.
We thank you for both your past efforts and your continuing support
of fairness in taxation for homeowners in cooperatives and condominium.
Very truly yours,
Your name
C.C. Your City Council Representative, City Hall, New York, NY 10007
May ____, 1999
The Honorable Rudolph Giuliani
City Hall
New York, NY 10007
Dear Mayor Giuliani:
We know that you fought against the State Legislature's ill considered
recision of the commuter tax, and that you are now considering how to
deal with the resultant revenue loss.
As an owner and resident of a New York City cooperative (condominium),
I am concerned that the cooperative and condominium tax abatement program
may suffer in the budget revision process. We respectfully note that
the abatement program was not simply a "tax reduction", but
was the introductory phase of a program directed to reduce the recognized
inequity in real estate taxation of owner occupied cooperative and condominium
residences.
The long term plan to address this problem has yet to be released.
The 3-year abatement program enabled by prior State legislation has
ended. Without immediate action, cooperatives and condominiums will
lose the partial relief that the abatement program had been providing.
We respectfully request your strong support for continuation of the
abatement program in the current budget negotiations and for a joint
New York City recommendation to the New York State Legislature to pass
the requisite enabling legislation. It should be a top priority of your
administration to
find means for continuing the abatement program in the short term, while
longer term resolution of this acknowledged inequity is developed.
Very truly yours,
Your name
C.C.
Your State Senator, Albany, NY 12247
Your Assembly Representative, Albany, NY 12248
