May 10, 2012
NYC Continues Real Estate Tax Increases on Cooperatives and Condominiums
June 1, 2012
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The property tax abatement for home owners in NYC cooperatives and condominiums is due to sunset on June 30, 2012 Since the City had failed to offer any ‘long term plan for property tax fairness by February 2011’ as mandated in the 2008 legislation, Assembly Speaker Sheldon Silver and State Senator Martin Golden had introduced A.10071 and S.7091 respectively, to extend the abatement program for four more years and giving the City until February of 2016 to produce the long awaited long term plan for property tax fairness.

If this important legislation is not enacted into law in the next three weeks, the Department of Finance will have no legal mandate to include the abatement in Property Tax Bills for July payment. These bills will require payment from every condominium unit owner and every housing cooperative in the city at FULL, UNABATED PROPERTY TAX LEVEL causing immediate as well as long term cash flow problems for many.

FNYHC has long pushed for property tax reform to deal fairly with all NYC tax payers. It was our expectation that the City would lead a transparent process to arrive at a better overall property tax system, a process that would include opportunities for all affected parties to make comments and contributions, a process that would actively seek input from the Independent Budget Office, from the Real Estate Board of New York, the Rent Stabilization Association, FNYHC and from CNYC and its Action Committee for Reasonable Real Estate Taxes. This is a process that needs time. It cannot take place in a few days or weeks.

Please contact your State Senator and Assembly representative again and ask that they work their hardest to have A.10071 and S.7091 enacted into law by early June, so that your cooperative or condominium can experience a seamless continuation of the abatement. Contact Mayor Bloomberg at City Hall, (212) 788-3000, and Finance Commissioner Frankel at (212) 669-2275 and tell them how important it is to your cooperative or condominium that the abatement program be extended NOW, with discussion afterwards.