BULLETIN: Albany Announces Co-op / Condo Tax Abatement Renewed
July 6, 2012 — After leaving for the year then being called back to session by Governor Andrew Cuomo, New York State lawmakers announced an agreement late yesterday (July 5) that renews the co-op and condo property-tax abatement that had expired on June 30.
However, while the lower rates are expected to be retroactive to July 1, New York City "has issued tax bills for the current fiscal year based on the [higher] current tax abatement rates," Michael Whyland, a spokesperson for Democratic Assembly Speaker Sheldon Silver, said in a statement that did not address how the discrepancy will be handled.
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.