New York City \u2013 After months of effort, the City Council, together with the Bloomberg Administration, has developed a plan to comprehensively address existing issues with the tax assessments that emerged in this year\u2019s tentative assessment roll. The Council and Administration will establish a working group to reform the Class 2 Co-op and Condo assessment process and make the system more transparent, simple and equitable. Any proposed changes will require State legislative action.<\/p>\n
The city has also reached an agreement for Class 2 Co-op and Condo buildings for Fiscal Year 2012 that will temporarily limit increases in market value and effectively limit any large increases in taxable values. The Department of Finance will extend the general framework of the protections established this fiscal year in place for Fiscal Year 2013 if the working group\u2019s changes are not in place by that time.<\/p>\n
\u201cThis is a huge step forward for our City\u2019s homeowners,\u201d said Speaker Christine C. Quinn. \u201cToday\u2019s announcement will offer much needed financial relief to New York\u2019s hard-working co-op and condo owners. We want these homeowners to know that this is just the beginning, though. The Council will continue to work with the Administration and the State to further look at ways to improve the City\u2019s property tax system.\u201d<\/p>\n
\u201cThis decision is a huge win for New York City’s co-op and condo owners,\u201d said Councilman Domenic M. Recchia, Jr., chairman of the Finance Committee. \u201cWhen the Finance Committee held a hearing on this issue, we heard the message loud and clear: Property owners needed protection and relief from burdensome increases in market and taxable values. I want to thank Speaker Christine Quinn for her support on this important issue, and the Bloomberg administration for working with us to resolve this. Together with Speaker Quinn, the City Council will continue to ensure that New York City’s property owners are treated fairly.\u201d<\/p>\n
\u201cCoop and condo owners have finally been heard. This is a significant development in the fight for tax fairness for middle class coop and condo homeowners,\u201d said Council Member Mark Weprin.<\/p>\n
###<\/p>\n","protected":false},"excerpt":{"rendered":"
New York City \u2013 After months of effort, the City Council, together with the Bloomberg Administration, has developed a plan to comprehensively address existing issues with the tax assessments that emerged in this year\u2019s tentative assessment roll. The Council and Administration will establish a working group to reform the Class 2 Co-op and Condo assessment process and make the system more transparent, simple and equitable.<\/p>\n
…<\/p>\n