Frank Lovece in Board Operations on July 6, 2012
The New York State Assembly bill specifies that a three-year continuance of the tax abatement for "the vast majority of condo and co-op owners who pay a disproportionate share of the city’s property tax burden,” Whyland said.
The abatement will be phased out, however, for non-owner-occupied apartments. The three-year phase-out retroactively begins June 30, 2012.
The State Assembly and Senate are expected to pass the law formally when the legislature reconvenes after the November elections.
Engage, enrage, ask questions and give answers with your community of board members. Submit your questions and comments here!
Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.