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NY S07031
Bill
AI Summary
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Extends partial real property tax abatement provisions for residential condominiums and cooperatives in cities with populations of one million or more through fiscal year 2022 (previously set to expire in 2020)
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Maintains eligibility requirements limiting abatements to unit owners with no more than three dwelling units in a single building, with one being their primary residence
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Preserves tiered abatement percentages based on average unit assessed value, ranging from 28.1% for properties valued at $50,000 or less to 17.5% for properties valued above $60,000
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Specifies that properties already receiving tax exemptions or abatements under other state or local laws remain ineligible for this partial abatement, except as otherwise provided
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Establishes that the commissioner of finance will set application deadlines for fiscal years 2014 through 2022, not to exceed February 15th of each applicable calendar year
Legislative Description
Extends certain provisions relating to a 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
SIGNED CHAP.184
6/29/2021