Co-op Tax Abatement Program Extended for Four Years

June 26, 2015 — Proponents of the co-op tax abatement program scored a huge win Thursday, June 25 after the State Senate and Assembly and Governor Cuomo agreed to a four-year extension. According to the Council of New York Cooperatives & Condominiums (CNYC), legislation passed by both houses grants an extension of the property tax abatement program for home owners in New York City cooperatives and condominiums. "Thanks to the Department of Finance, this extender is seamless, because it was included on our property tax bills for the new fiscal year, which begins on July 1, saving condominium unit owners and cooperative corporations from confusion and cash flow problems," says the CNYC. This morning, Governor Cuomo signed the legislation into law, allowing those who can benefit from tax abatement program to breathe easy through June 30, 2019.