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Im sure this will impact each co-op differently, but wanted to share and solicit feedback.
The State Legislature ended its session on 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.
Bottom Line - abatement credits on your RE Tax bill will be expired, and most likely your bill will increase.
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 the Department of Finance be forced to adjust our October or January bills to recapture unauthorized abatements? No one knows.
What are your thoughts?
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I'm very surprised Habitat Magazine has not (as far as I can tell) published anything about the recent expiration of the abatement. For up-to-date info from a Co-op board perspective, monitor the Council of NY Cooperatives and Condominiums (CNYC) homepage at http://www.cnyc.com. They have some recent news you will find interesting.
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