Legislative Update:

The New York State legislature 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).

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 for one more year.