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 for at least four 80/20 projects, (80% market rate 20% affordable) that will result in hundreds of millions of dollars of investment and will create much needed market rate and low income residential rental apartments.
The legislature also approved City tax credits for installing solar panels on homes and businesses - encouraging private property owners to join the growing movement toward the use of renewable power. Another bill, also passed, allows those who generate renewable power to sell what is unused back to the system, an incentive for individuals and businesses to install technology like solar panels.
New York City will also extend a 7 per cent property tax cut and $400 rebate to home owners for one more year.