CM James Calls on State Legislature To Re-Authorize Tax Abatement For Co-op/ Condo Owners; Sponsors Tax Information Session in Fort Greene, BK

**For Immediate Release**
Contact: Aja Worthy-Davis at (212) 788-7081

Council Member Letitia James Calls on State Legislature To Re-Authorize Tax Abatement For Co-op/ Condo Owners; Sponsors Tax Information Session in Fort Greene, Brooklyn 

(New York, NY)— As Brooklyn apartment-owners begin to grow alongside their Brownstoner counterparts, it becomes imperative that co-op and condo owners educate themselves on the property tax associated with their purchase. Every year, the NYC Department of Finance releases preliminary figures for the coming fiscal year's property-tax assessments. And almost every year, property-owners object to the department’s assessment, and in a standard process called tax certiorari, eventually receive a refund.

However, the concern over high property tax rates is especially worrying for co-op and condo owners who in 2011 saw increases in market value of up to one-hundred fifty percent. In fact, market values for co-ops, condos, and rental apartment buildings (Class 2) rose $6.8 billion (or 3.6%) to a total of $196.3 billion Citywide, according to the property assessment roll for FY2013. The Department of Finance is not allowed to use sales prices to value co-ops and condos, and instead must be value these properties as if they were rental buildings. The fact that co-ops and condos are taxed not as private residences, but effectively as commercial properties that bring in rental income, presents serious concerns to owners.

The tax break authorized for co-op and condo owners in New York City will soon be expiring. If the State Legislature doesn’t reauthorize the tax abatement, roughly 365,000 New York City co-op and condo owners could see their property tax bills jump.

Council Member Letitia James will be hosting a 35^th District Co-op and Condo Tax Information Session. The session will provide insight into co-op and condo real-estate taxation process, and NYC Department of Finance representatives will be available to answer questions—

WHEN: Thursday, May 24, 2012

6:00pm

WHERE: 210 Clinton Avenue (Community Room)

Clinton Hill Co-ops

Brooklyn, NY 11205

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