On Feb. 4, 2013, New York State enacted legislation extending the real estate tax abatement for eligible cooperative and condominium apartments in New York City.1 Since 1996, almost all co-op and condominium apartments in New York City have been receiving a partial tax abatement, which helps offset a real property tax burden that has increased substantially in the past decade for most residential properties.
This column addresses the important changes made by the 2013 amendments to the previous abatement program, their impact on apartment owners and the challenges created for owners, boards and managers by the manner in which the Department of Finance has determined to implement the 2013 amendments.
The 1996 Tax Abatement
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
