The Real Deal New York

Apartment owners face rising tax bills

June 22, 2012 11:30AM

State lawmakers refused yesterday to extend some $445 million in property-tax abatements for 365,000 apartment owners, the New York Post reported. That means apartment owners could experience sticker shock when they get their tax bills.

The extension of the bill came up in the legislature but Governor Andrew Cuomo would not allow a last minute vote, the Post said, because the “extender bill,” included unrelated provisions, including changes to the loft law.

The city’s Department of Finance already sent out tax bills assuming the law would be extended, the Post said.

There is speculation that the state legislature will schedule a special session after the elections and approve the extension. [Post]