PROPERTY TAX ABATEMENT LIMBO

June 22, 2012:

The State Legislature ended its session yesterday (Thursday, June 21, 2012) without passing any legislation relating to the property tax abatement program for home owners in New York City cooperatives and condominiums.   Fortunately, tax payments due July 1, 2012 include the abatement, because the Department of Finance, confident that some form of extender would be passed, prepared these bills last week to include the abatement at the same level as last year.

At this moment, no one is quite sure what will happen next. Will an additional legislative session be called to complete negotiations on this and other bills?   Will DoF be forced to adjust our October or January bills to recapture unauthorized abatements?  No one knows.

But you can be sure that FNYHC is keeping a close watch on this vital issue, with the help of our excellent lobbyists.

Please do your part by letting your State Senator and Assembly representative know how distressed and disappointed you are that the abatement program has not been extended. Be specific about the hardship that loss of the abatement will cause the shareholders or unit owners in your building. It is imperative that you communicate your concern to your elected officials to rivet their attention on the importance of this extender.

As soon as there is any news; it will be posted here.

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