There is a broad degree of disparity among private homeowners and cooperators who individually own their homes when it comes to taxation. The issue is a never-ending one, that, according to many legislators is an irresolvable one.
In an effort to patch the difference in the tax burden borne by different classifications of home owners, New York State has granted an abatement of property taxes to cooperators for several years.
- The Council of New York Co-ops offered a history of the abatement program in August 2012 and is available for your perusal: CNYC re Tax Abatement 0812.
- Also, the official position of the NYC Finance Department re the Co-op Abatement is available here for detailed and up-to-date information.
- Want still more? Read the full text of the NYS Senate Legislation (S-7480)