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NY A09185
Bill
Status
2/9/2022
Primary Sponsor
Harvey Epstein
Click for details
AI Summary
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Eliminates partial tax abatement eligibility for cooperative and condominium dwelling units with billable assessed values of $200,000 or greater, effective for fiscal years commencing in 2022 and after.
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Extends the partial tax abatement program through fiscal year 2023 (previously set to expire in 2022) for eligible dwelling units in cooperatives and condominiums with average unit assessed values up to $60,000.
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Reallocates tax abatement funds previously used for ineligible units with assessed values of $200,000 or greater to a special account under the New York City Housing Authority, authorized by the Department of Housing Preservation and Development.
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Maintains existing eligibility restrictions limiting abatement to unit owners with no more than three dwelling units per property, with one being their primary residence, in cities with populations exceeding one million.
Legislative Description
Eliminates the New York city condominium and cooperative tax abatement for dwelling units whose billable assessed value is two hundred thousand dollars or greater; instructs that the money used to formerly fund such abatement be reallocated to the New York city housing authority; extends certain provisions of the partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more.
Last Action
referred to real property taxation
2/9/2022