NYHC is happy to announce that Assembly Member Robert Rodriguez has reintroduced his Coop/Condo Tax Abatement Reform Bill (A7092). We are waiting to hear if the companion bill in the Senate will also be reintroduced.
NYC will give away about $600 million this year in a relatively unknown tax break to homeowners. The Cooperative and Condominium Property Tax Abatement reduces real property taxes for owner-occupiers by 17.5% – 28.1%, depending on assessed value. While this abatement is the 2nd largest housing tax expenditure in New York City, many homebuyers are unaware of it when they purchase an apartment.
Albany lawmakers have an opportunity to create a more just and equitable tax policy and provide a long-term funding solution for public housing by supporting this bill.
We had worked with CHPC last year and compile a district by district level analysis of this proposal. Please check those out along with additional resources here.