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legislature: New York Legislature Update: Taxes - 06/24/08 08:03 AM
The New York State legislature with strong support from REBNY (Real Estate Board of New York) has passed and the Governor has signed a bill (A10688/ S07714) that extends the coop and condo real property tax abatement for four years. The passage of this legislation extends the 17.5% reduction in a property's assessed value (25% for properties assessed at less than $15,000).
In these difficult economic times, with financing more difficult and rising prices, this continued significant reduction in property taxes is needed more than ever.
The Governor also at REBNY's urging signed a bill (A11114/S7066) that would permit multi-year tax exempt financing … (7 comments)

 
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Mitchell Hall NYC Real Estate Broker

Manhattan, NY

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