New York State Senator Thomas K. Duane (D-WFP Manhattan) applauded the State Senate's unanimous passage of Senate Bill 7714, which will extend the real property tax abatement program for home owners in New York City cooperatives and condominiums for another four years.
"Across party and district lines, the New York State Senate is committed to mitigating the inequitable real estate tax treatment of New York City's Class 2 cooperatives and condominiums" said Senator Duane. "Without this extension, co-op and condo owners throughout the five boroughs will be required to pay hundreds, or even thousands, of dollars more in property taxes than those who own comparatively-valued, non-multiple dwelling homes."
Senator Duane added, "This bill has now been delivered to the New York State Assembly, where I hope it will be quickly passed and signed into law by Governor Paterson before the New York City Department of Finance begins preparing the July 2008 tax bills." If the New York City Department of Finance begins preparing co-op and condo tax bills before the extension becomes law, July bills will reflect full property taxes and adjustments will be made on later bills.
Senator Duane has long been aware that homeowners in co-ops and condos pay more than their fair share of property taxes. During his tenure on the New York City Council from 1992-98, he supported the establishment of an independent commission that in 1993 investigated the City’s real estate tax policy and officially confirmed this inequity. He also strongly supported a proposed tax reduction program for owners of such housing that set the stage for the initial 1996 passage of State legislation establishing a three-year program of escalating abatements.
Since he became a New York State Senator in 1999, Senator Duane has advocated on behalf of and voted for extenders of this tax abatement program each time it has come up in the State Legislature. "I will continue to support such extenders whenever they sunset to ensure that New York City co-op and condo owners get the property tax relief they need and deserve," said Senator Duane. "Further, I support a reevaluation of New York City's real estate tax system that would permanently address this inequity and make future extenders of this tax abatement unnecessary."