NY Lawmakers Look To Curtail City Condo, Co-Op Tax Breaks

Law360, New York (June 15, 2012, 5:59 PM EDT) -- A group of New York state legislators introduced a real estate tax abatement bill in the New York State Assembly on Wednesday that would limit established property tax breaks for co-op and condominium owners in New York City.

The bill would alter the tax abatement program for city condo and co-op owners that was established in 1996. Under that program, the city provides a 17.5 percent annual state property tax abatement for qualifying condo and co-op unit owners, a group that includes hundreds of thousands of...
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