nyc BLOG estate

nyc BLOG estate

Coop and Condo Tax Abatement Trust Amendment

New York State ratified the amended Cooperative and Condominium Tax Abatement bill to extend benefit eligibility to units owned in trusts.  The text can be found in Chapter 97 of the Laws of 2013.

This revision was necessary because, following the extension of the benefit program, New York City indicated that units owned by a trust would be ineligible for the abatement. REBNY ( real estate board of New York) successfully pushed for more explicative language from the State.

The NYC Department of Finance acknowledged this eligibility and will be revising tax year 2012/2013 bills to reflect the reduction in property taxes.  They estimate approximately 900 new residences will now receive benefit.  They hope to send the notifications and requisite response forms by the end of this week. 

For more information, please refer to the latest DOF Cooperative and Condominium Tax Abatement FAQ Sheet and the DOF Cooperative and Condominium Tax Abatement website.  

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