Governor gives nod to extending partial property tax abatement.Governor George E. Pataki announced that he has signed legislation into law that extends a partial property tax abatement A reduction, a decrease, or a diminution. The suspension or cessation, in whole or in part, of a continuing charge, such as rent. With respect to estates, an abatement is a proportional diminution or reduction of the monetary legacies, a disposition of property by will, when for owners of cooperatives and condominiums in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . "Without this extension, co-op and condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. owners throughout New York City would be required to pay hundreds of dollars more in property taxes than those who own comparatively-valued residential homes in one of the five boroughs," Governor Pataki said. "This law will extend this important tax relief for three more years, provide New York City condo and co-op owners with the property tax relief they need and deserve, and keep their tax bills on an equal footing with other homeowners." Specifically, the law will provide a 25 percent partial real property tax abatement for cooperative and condominium units assessed at $15,000 or less, and a 17.5 percent real property tax abatement for units assessed at $15,000 or more. Senator Frank Padavan Frank Padavan is a New York politician who represents District 11, located in Queens County. First elected to the State Senate in 1972, he currently serves as the Vice-President Pro Tempore of that body. said "I consider it a privilege to be the sponsor of this legislation and once again I applaud the Governor for signing this new law which preserves and protects property tax relief for New York City co-ops and condominium owners." A provision in the new law also requires the City of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of to present a plan to the State Legislature A state legislature may refer to a legislative branch or body of a political subdivision in a federal system. The following legislatures exist in the following political subdivisions: The abatement was originally enacted in 1996. |
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