ABATEMENT ADJUSTMENTS ARE IN JULY TAX BILLS; CORRECTIONS CAN STILL BE MADE DURING THE SUMMER

FNYHC has been advised by the Department of Finance that property tax bills for July 1st payment have gone into the mail today, Monday, June 10th. In addition to billing for taxes due for the first quarter of Fiscal 2013/2014, these bills include retroactive adjustment to property taxes collected during Fiscal 2012/2013 from cooperatives and condominiums:

  1. For coops and condos with an assessed value that averages less than $50,000 per unit, DoF credits additional abatements to all qualifying units to bring their abatement up to 25% of the property tax.
  2. For coops and condos with an assessed value that averages $50,000 – $55,000 per unit, DoF credits additional abatements to all qualifying units to bring their abatement up to 22.5% of the property tax.
  3. For coops and condos with an assessed value that averages $55,000 – $60,000 per unit, DoF credits additional abatements to all qualifying units to bring their abatement up to 20% of the property tax.

PRIMARY RESIDENCY REQUIREMENT IS NEW

The legislation extending the abatement program that was signed into law on January 30th, grants abatements only to units that are the primary residences of their owners (primary residents can then qualify for abatements on up to 2 additional units in the same cooperative or condominium as their primary residence. Units held in Trust form that are the primary residence of their occupants qualify for continuing abatements. Those held in corporate ownership form do not.

The Department of Finance has tried its best to contact all units where primary residency was in question, and it has updated its records based on responses received. Condominium owners whose July bills do not accurately reflect their residency status should contact DoF (dial 311) to make corrections. Appropriate adjustments will appear on their October bills.

Contact entities for cooperatives (generally the managing agent) will soon receive from DoF an updated chart of abatements and exemptions. It is hoped that past inaccuracies regarding primary residency will be corrected on this chart. It will be possible to contact the Department of Finance to correct inaccuracies in the next few weeks. Adjustments will be made on October bills. Thereafter, there will be no further opportunity to adjust Fiscal 2013/2014 primary residency status.

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