Assemblyman Phil Goldfeder: Co-Op Tax Relief is in Sight

Legislature is expected to take up this measure later this year
July 6, 2012
“Over the past week, co-op owners in Southern Queens and the Rockaways have been expressing concern that the New York City co-op tax abatement that expired June 30 was not extended. While true, co-op owners should not worry that they will see an increase in their taxes in the near future. The mayor’s office has indicated that they will administratively continue the current tax abatement until the state legislature reconvenes later this year to pass a new plan which provides even more relief to hardworking middle class co-op owners. According to the plan, co-op owners whose unit is their primary residence will see their abatement jump from 17.5% to 25% percent this year and over 28% in three years which will result in a substantial reduction in maintenance costs.”

“The tax abatement is certainly no substitute for long-overdue tax reform to correct this imbalance; 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.”