Co-op, condo advocates sound alarm about inaction on tax abatement
Many Brooklyn co-op and condo residents, like those elsewhere in the city, are concerned about the possible sunset of a legislative measure that, once it ends, could lead to a substantial increase in maintenance charges.
Paula Fichtner, a co-op board member at 45 Grace Court, recently became aware, through the Council of New York Cooperatives and Condominiums (CNYC), that a citywide property tax rebate, or abatement, that has been given to co-ops and condos since 1993 is set to expire on June 30.
While earlier extensions to the original measure were routinely passed, Fichtner and co-op and condo advocates are concerned that the state Assembly seems to be sitting on the issue.
“The NY State Assembly has not yet moved on a bill to restore the abatement, and gives no sign of being ready to do so,” Fichtner said in an email.