Tax Breaks Likely to be Extended for Most Condo and Co-op Owners in City

That giant whooshing sound you just heard was the collective sigh of relief from middle-class condo and co-op owners around the city who are now likely to be spared a big jump in taxes when the New York State legislature returns for a special session towards the end of the year; lawmakers had been unable to squeeze in legislation at the end of the regular session in June to prevent a scheduled tax increase (or, technically, the expiration of abatements) on condo and co-op owners. The new legislation would block the increase on units which are used as primary residences. Even thought the city has just sent out tax bills based on the new higher rates, if the State passes the reduction by the end of the year, the lower rates will be retroactive.
Albany to Address Co-op and Condo Tax Break [NY Times]