Assembly Passes Landmark Legislation to Give Hundreds of Thousands of New York City Homeowners Property Tax Relief

New York, NY – January 29, 2013 – (RealEstateRama) — Assembly Speaker Sheldon Silver (D-Manhattan) and Housing Committee Chairman Keith L.T. Wright (D-Manhattan) today announced passage of landmark legislation (A.3354) to provide hundreds of thousands of New York City homeowners with significant property tax relief and create new affordable housing while spurring economic development and expanding the Loft Law. The bill expands New York City’s Condominium and Cooperative real property tax abatement program by phasing out benefits to non-primary residences and spreading the benefit to hundreds of thousands of low and middle income homeowners. The value of the tax abatement will be phased in over three years based on the assessment of the home.