A bill introduced by two Queens lawmakers would give co-op and condo owners some financial relief.
The J-51 Tax Abatement Bill passed in the Assembly and the Senate during the legislative session that just wrapped up in Albany. Now it needs Governor Cuomo's signature.
State Senator Tony Avella and Assemblyman Ed Braunstein introduced the bill in their respective chambers. It would allow a property tax exemption on condos and co-ops undergoing renovations and with an assessed value of $32,000 or less. That's a $2,000 increase over the current cap.
Elected officials and residents say programs like these help keep co-ops affordable for middle class families.
“The co-op owners in these areas are desperately in need of relief because with the taxes and other expenses, the maintenance costs continue to skyrocket,” said Braunstein.
“If we didn't have the J-51 our properties would fall into disrepair or they would stop being affordable,” added Warren Schreiber, the Co-President of the Presidents Co-op & Condo Council.
The bill would also allow for a cost-of-living increase in the eligibility cap each year.