Cuomo promises to fight planned hikes for co-op, condo owners

Governor Andrew Cuomo assured voters that he and lawmakers in Albany will work to extend a tax break that stands to impact many co-op and condominium owners in New York City. When lawmakers return to the capital for a special session, probably after the November election, they will vote on a change to keep existing tax abatements  in place.

Under the tentative agreement, lawmakers would increase tax breaks for condo and co-op owners, but would phase out breaks for those owners whose condos or co-ops are not their primary residences, the Times said.

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Last month, state lawmakers refused to extend some $445 million in property-tax abatements for 365,000 apartment owners because the “extender bill” included unrelated provisions, including changes to the loft law. [NYT]