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Does anyone know the status of renewing the 25/17.5% general coop/condo tax abatement that is set to expire June 30?
The last I saw was from yesterday: http://cityroom.blogs.nytimes.com/2012/06/25/governor-says-he-believes-property-tax-abatement-will-be-preserved/?smid=pl-share
This abatement has been a fixture for many years and would adversely affect many apartment owners.
Particularly older fixed income co-op owners who already have seen there monthly increase substancially.
As taxes are likely between 50% and 75% of the monthly maintenance, that translates to 8.5% to 13% additional increases.
I can afford it but many can't.
For those who want to make noise about it, I suggest writing Cuomo telling them if it's not passed your voting for "other" candidate next election.
What other elected officials fall into this? I don't think state congressman. This is a city thing?
If it's city council members voting, find your here;
Elsewhere, I read that the City drafted for the July 2012 bills on the assumption that the abatement would be renewed, but they would not be able to do that for October, unless they do a special session to extend it.
I think a lot of buildings run finances so close to the line that there would have to be immediate assessments if the October bills were the high version.
Seems like Cuomo is trying to use his leverage to get NYC/Bloomberg to enact the legislation solving the two-stepissue like they were supposed to by in February, 2011, but I don't understand what incentive NYC had to do tax, then refund like they have been for 12 years, as opposed to lower tax, one-step.
so the city sent bills that included the discount that was not extended by the state, so get psychologically ready for a 17% increase.
"State lawmakers refused yesterday to extend some $445 million in property-tax abatements for 365,000 apartment owners, the New York Post reported. That means apartment owners could experience sticker shock when they get their tax bills.
The city’s Department of Finance already sent out tax bills assuming the law would be extended, the Post said."
it's part of the "city taxes" thread
"As taxes are likely between 50% and 75% of the monthly maintenance, that translates to 8.5% to 13% additional increases."
Is this true anymore? As of this tax year, our taxes are now almost 100% the cost of our maintenance. *sigh*
so you have no utilities and no labor in your building? sounds nice.
How do you find out what buildings have the abatement?
Here're the criteria: http://www.nyc.gov/html/dof/html/property/property_tax_reduc_coop_condo.shtml
For a specific building, check the account statement at http://nycprop.nyc.gov/nycproperty/nynav/jsp/selectbbl.jsp