Assemblyman Goldfeder Sponsors Legislation to Extend Real Property Tax Abatement for Co-Ops and Condos

June 4, 2012
Continuing his efforts to ease the financial burden placed on cooperative and condominium owners in New York City, Assemblyman Phil Goldfeder (D-Rockaway) sponsored a bill that would extend a four-year real property tax abatement program for cooperative and condominium units in New York City (A.10071).

“Co-op and condo owners are often forgotten about when it comes to tax relief,” said Assemblyman Goldfeder. “The unfair tax levied on owners of these units needs to be addressed and until we can achieve the ultimate goal of real property tax reform, this program would help alleviate that burden.”

The real property tax system in New York City places a higher tax burden on co-op and condominium units than on comparably valued one-, two- and three-family homes. In light of this inequity, the state authorized the city of New York to implement a partial property tax abatement program for co-op and condo owners in 1996.

“The tax abatement is certainly no substitute for long-overdue tax reform to correct this imbalance,” Assemblyman Goldfeder said. “However, an extension of the current tax abatement program would continue the current level of much-needed relief for those who own co-ops and condos in New York City.”

Assemblyman Goldfeder is also sponsoring a bill that would protect cooperative corporation or condominium boards from footing the bill for excessive legal fees when they successfully challenge an inaccurate city tax assessment (A.9483), as well as one that would ensure co-ops have two years in which assessment increases would be capped at 3 percent after a successful certiorari proceeding, thus preventing the need for a proceeding the following year (A.9466).