CNYC | Tax Abatement Extended for Two Years

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Tax Issues

Published: Autumn 1999

Tax Abatement Extended for Two Years;
Work Progressing on Long-Term Plan

Property tax abatements for homeowners in New York City cooperatives and condominiums will continue for two more fiscal years! Requested through the City budget process last spring, the extender legislation had to be approved at the State level. Once there was agreement on the State budget, the extender was included in legislation passed on August 4th and signed into law on August 9th. Thus the abatement program that had helped set these homeowners on the road to more fair and equitable property taxes was restored, effective retroactively to July 1, 1999.

The City is also required to prepare a long-term plan to continue the progress towards tax fairness. Only a detailed plan can effectively address the anomalies within the present system that are beyond the corrective capacity of a simple abatement program. CNYC and the Action Committee for Reasonable Real Estate Taxes will continue to monitor both the abatement implementation and progress towards the long-term plan. At CNYC's 19th annual Housing Conference on Sunday, November 14, 1999, representatives from the Department of Finance will present a seminar answering your questions about abatements and exemptions.

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