NY A00889

Establishes a property tax abatement for class 2 cooperative and condominium buildings that receive a "designated safe" status following a facade safety program inspection under NYC Administrative Code Article 302.

The tax abatement equals the full cost of the facade safety inspection that resulted in the safe designation.

The abatement must be reevaluated every five years following the initial inspection to determine continued eligibility.

Applies only to buildings defined as class 2 under section 1802 of the Real Property Tax Law.

Takes effect immediately upon enactment.