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Council of New York Cooperatives & Condominiums
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Tax Issues

Published: Summer 1999

 

Special Report from
The Action Committee for Reasonable Real Estate Taxes:

ABATEMENT EXTENDED FOR TWO YEARS

Help us achieve tax fairness for homeowners in cooperatives and condominiums by making a contribution to the Action Committee fund.

In June of 1999, Mayor Giuliani and Speaker Vallone included in the City budget provision for extending the property tax abatement for homeowners in New York City cooperatives and condominiums. State legislation was required to effectuate the extension. On August 4, 1999, the New York State Legislature adopted the state budget for fiscal year that began on April 1st. Included in this adoption process was a two-year extension of the abatement program. The program abates taxes by 25% for buildings where the average assessment per unit is $15,000 or less and 17.5% for buildings with higher tax assessments.

CNYC and the Action Committee for Reasonable Real Estate Taxes thank all members for their calls and letters to lawmakers asking that this important abatement program be extended. Assemblyman "Pete" Grannis was the prime architect of this legislation; he and Senator Roy Goodman introduced the 1996 bill that initiated the program, which sunset on June 30, 1999. Mr. Grannis has continued to work relentlessly for its extension, with strong support from Assembly members Weprin and Cohen from Queens and Kaufman and Dinowitz from the Bronx. Assembly Speaker Sheldon Silver and Senate Majority Leader Joseph Bruno recognized the importance of the abatement program throughout the difficult negotiations over the state budget, and made it a significant
priority.

JANUARY TAX BILLS WILL REFLECT THE ABATEMENT
Cooperatives and condominiums that have participated in the abatement program in the past have nothing further to do to receive the abatement. You have already provided full information to the Department of Finance. Other NYC cooperatives and condominiums that now wish to qualify can sign up to receive appropriate forms by calling 212-669-3212. As described in the last CNYC
Newsletter, in November, the Department of Finance will send each participating cooperative a detailed chart, showing the precise dollar amounts of exemptions and abatements due to each qualifying apartment. This adjustment (retroactive to July 1999) will be reflected in the bills for January 2000 tax payments. Condominium unit owners each receive their own detailed adjusted bill. Cooperative corporations must pass on the abatement to qualifying shareholders in the course of the fiscal year (=by June 30, 2000). One way to do this is to divide the abatement by six and credit the
maintenance bills for January through June of the year 2000.

LONG-TERM PLAN IS STILL URGENTLY NEEDED
The legislation requires the city to develop a long term plan to bring fairness to the taxation of homeowners in cooperatives and condominiums. CNYC and the Action Committee for Reasonable Real Estate Taxes continue to press for the establishment and implementation of such a plan. At the appropriate time, we will ask members to support passage of the long term plan for tax fairness.

 
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