Sep 18, 2012

Tax Breaks for NYC Condo & Coop Home Owners


Gov Cuomo and state legislators plan to prevent a scheduled  tax increase for owners of coops  and condos in NYC The Real Deal reported. The city's J-51 and tax abatement  programs were not  extended before the years session adjourned.

The Governor, Assembly and Senate reached an agreement on "landmark" tax relief legislation in July that will be signed into law when legislators return to Albany later this year.

Under the terms of the agreement, lawmakers would increase tax breaks for middle class owners of condos and coops (primary residences), but would phase out the breaks for owners whose  apartments  are not primary residences.

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