ABATEMENT EXTENDED FOR FOUR YEARS

On Thursday, June 25, 2015, the State Senate and Assembly and Governor Cuomo came to agreements on rent regulation and the 421a incentive program for developers. With these issues finally settled, a four year extension of the property tax abatement program for home owners in New York City cooperatives and condominiums was included in the legislation passed by both houses that evening.

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 1st , saving condominium unit owners and cooperative corporations from confusion and cash flow problems.

On Friday morning, June 26, 2015 Governor Cuomo signed this legislation into law, continuing the abatement program in its present form through June 30, 2019.

For updates and information on all Co-op/Condo Issues, please visit the CNYC Website at www.cnyc.coop

Council of New York Cooperatives & Condominiums