PROPERTY TAX UPDATE: Department of Finance Further Clouds the Issue

June 27, 2012

CRAINS reported today that the Department of Finance is preparing letters to advise home owners in New York City cooperatives and condominiums that it will reclaim the 17.5% or 25% property tax abatement that it had deducted from property tax bills for July 1st payment, now that the legislation extending the abatement program has failed to be passed by the State Legislature.

No one yet knows what the terms or the timing of the recovery will be. This makes it all the more urgent that EVERY HOME OWNER IN NYC COOPERATIVES AND CONDOMINIUMS should contact their ASSEMBLY AND SENATE REPRESENTATIVES and MAYOR BLOOMBERG NOW to tell them of the unfair hardship that the loss of this abatement will cause.

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