Today, the New
York State Senate passed the renewal of the co-op/condominium tax credit with
overwhelming support. Senator Klein
called the bill critical and commonsense.
“I am
very pleased that this critical tax credit for co-op and condominium
owners passed with bipartisan support in the Senate. Failure to renew
this tax credit would have resulted in drastic and unnecessary tax
increases for New York families and seniors. This bill provides co-op
owners and condominium owners with concrete assurance that their taxes will
not balloon overnight. It provides nothing less than essential financial
stability to these property owners. This renewal is long overdue, but I’m
pleased to see that this critical measure for Bronx residents is now on it’s
way to the Governor’s desk.”
The bill (S2320)
extends a tax credit for co-op and condominium owners. The credit corrects
flaws in the current property tax system that would otherwise leave co-op and
condo owners paying at rates far greater than those who own one and two family
homes. Passage of the bill has already been met with support from the co-op and
condominium community.
Suneerat Moreno,
condominium owner and treasurer of her condominium complex in Bronx Park East,
expressed her relief at passage of the bill. “I am a retired senior citizen and
this bill helps middle-class owners of condominiums like me. Our building is 87
years old and needs a lot of work. Without the tax credit, we would not have
been able to make much-needed repairs, such as leaks and damage-repair from
Hurricane Sandy. We are so thankful to Senator Klein for his leadership on this
bill.”
Barbara Moye, condominium
owner and president of her condominium board in Shorehaven, remarked, “this has
been a long-haul for home-owners. For the past two and a half years, our family
has had to set aside money in the event that this tax credit would not be
passed, which has prevented us from doing any upgrades on our condo. This tax
credit directly affects me and I am very thankful to Senator Klein for working
to get this done.”
The original tax
credit legislation was enacted in 1997.