A new NYS law extends partial real property tax abatement for co-ops and condos within a city containing a population of one million or more, through the NYC fiscal year that begins in 2022.
Technically, the law amends paragraphs (a) and (b) of Real Property Tax Law 467-a (2).
Previously, the Real Property Tax Law authorized partial tax abatement for these co-ops and condos from the fiscal year commencing in 2012 through 2020. The new law now provides a 2-year extension.
Although the COVID-19 pandemic appears to be in our rear-view mirrors, many families continue to endure hardships caused by the brutal pandemic. As a result, Governor Como continues to pass legislation related to tax abatement and/or exemptions for certain dwellings (e.g., S.6487).
How long will legislation extending tax abatement and/or exemptions for certain dwellings continue to be passed?
Time will tell...
