Tuesday, May 31, 2011

Co-op and condo owners get some relief

From the NY Post:

The city is going to undertake a sweeping review of how co-ops and condos are taxed following an outcry by owners in Queens who saw the assessed market value of some properties shoot up as much as 147 percent this year, The Post has learned.

The review was part of a deal hammered out between the Finance Department and the City Council, whose leaders came down hard on the administration after the tentative tax roll was released in January with assessments that would have raised taxes on some middle-class owners by 25 to 30 percent.

Councilman Dominic Recchia (D-Queens), the Finance Committee chair, said taxes on the city's 364,893 co-ops and 144,622 condos "would definitely go down" once the review was completed, probably next year.

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