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Tax Breaks for Co- Ops & Condos – QNS.com

Tax Breaks for Co- Ops & Condos

Abatement Gets Extended To 2014

Assemblyman Andrew Hevesi voted last Monday, Jan. 28, on an Assembly bill to extend tax abatements for condominium and co-op owners in New York City which passed the Assembly and the State Senate.

The bill was signed into law by Gov. Andrew Cuomo later that week.

The law will provide retroactive reimbursement for owners from 2012 and extend abatements through 2014. Under the abatement schedule, condo and co-op owners with assessed values of up to $60,000 (roughly $600,000 market value) will receive increased benefits from the 2011 abatement amounts. A portion of owners will see an abatement of as much as 28.1 percent over the course of the relief period.

This abatement schedule is structured to aid middle class homeowners that are most in need of tax relief. The exact amount of an owner’s abatement will depend upon on the assessed value of the unit.

The previous condo and co-op tax abatement program expired in July 2012, leaving over 350,000 New York City homeowners unsure of their ability to afford a sizeable increase to their tax bills. Efforts by the legislature and governor to address the matter in an Executive Session during the fall were complicated after the disaster caused by Hurricane Sandy.

“The reinstatement of the condo co-op tax abatement program will provide much needed fiscal relief and a sense of security for hundreds of thousands of New Yorkers,” Hevesi said. “Thousands of Queens families face the challenge of living in a city with a burdensomely high cost of living. By increasing the affordability of housing, not only are individuals more inclined to stay and raise their families in Queens, but are better able to spend their hard earned wages on things that contribute to the growth and livelihood of our local economy.”

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