From the Queens Courier:
Co-op and condo owners left in the lurch after state lawmakers originally closed the year’s session without passing key pieces of legislation will not be forsaken for long, officials pledged.
The Assembly, Senate and Governor Andrew Cuomo have reached an agreement on “landmark” tax relief legislation that will be signed into law later this year when legislators return to Albany, according to Assembly Speaker Sheldon Silver.
“In the short term, the city has issued tax bills for the current fiscal year based on the current tax abatement rates,” Silver said. “When the legislation is signed into law as promised by the governor, we anticipate that the new lower rates will be effective retroactive to July 1.”
Co-op and condo community leaders said the state Legislature left them “high and dry” last week after lawmakers adjourned the session without extending the city’s J-51 program and its tax abatement program. A bill that would put a halt to skyrocketing property tax valuations was also not addressed by the end of the session, they said.