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.
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