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Avella to Introduce Legislation for Co-op, Condo Property Tax Class

Senator's Proposal Follows in the Wake of Frustration Over Increased Valuations

State Sen. Tony Avella, D-Bayside, said he plans to propose a bill that would create a new property tax class for co-ops and condominiums following a recent peak in assessed property values.

Under Avella’s legislation, the Class One-A tax class would be created for co-ops and condos.

“Co-op and condo owners should have the same property tax breaks as one, two and three-family homeowners,” he said. “Unfortunately, the tax code places these housing units in a much higher tax bracket and equates them with landlord operated rental buildings. As a result, their property taxes are much higher.”

Avella said he believed that forming the new tax class is the best of several options to address the issue.

“Reducing their property tax can be accomplished in several ways by either placing them in Class 1, which is one, two and three family homes, or by creating a new class, which only includes co-ops and condos,” he said. “I believe the latter is the best approach and one that could be passed by the Legislature quickly.”

The senator’s bill would provide the same property tax caps that exist for Class 1 Properties, capping single yearly tax increases at 6 percent. There would also be a 20 percent cap for a five-year period.

Elected officials from northeast Queens slammed the city earlier this year following an increase in assessed valuations. Co-ops and condos collect funds for real property tax increases through higher maintenance fees for shareholders.

The city’s Department of Finance explained that the increases could have been caused by a computer “glitch.”

City Councilman Mark Weprin, D-Oakland Gardens, has planned a rally with co-ops and condo shareholders on Sunday at City Hall to protest the property tax increases. The Council will hold a hearing on the increases on May 2.  

Arthur J caputo April 30, 2011 at 03:42 PM
It's an outrage and a disgrace with what is going on in our country today. Always coming to the taxpayer for money. Cutting our services and raising our taxes. Meanwhile, exxon just posted a 11 billion dollar record gas ripoff profit in the first quarter. Would you believe the government is giving them subsidies also. Our money. GE ,a record 14 billion dollar profit and they want to cut their employee salaries and raise their healthcare cost. Where are our representatives. What atre our politicians doing about it? At least senator Avella and Weprin are taking action on the money grab of the co op owners. But what about these ripoff gas prices? No taxes on the oil companies or corporations ? Dispicable. Being protected by our sellout politicians . Catering to the stockholder elite as the middle class evaporates.I rarely agree with Don Trump, but he is right about the oil, we have no one in Washington with balls.Release the oil reserves to cut the ripoff prices and implement a Windfall Profits Tax on the oil companies It's not OPEC it's Wall St..Greed is in and to hell with the people. No excuses. Prices will rise? Where have you been? They are rising now every single day. What do we have to do ,revolt in the streets to stop this gouging?

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