Although there was little doubt that lawmakers would act, it is nice to know that the New York State Assembly finally passed an Omnibus Housing Bill on Monday following Senate action last week.
The legislation restores for three years the expired tax abatement that was created to equalize the tax burdens between single-family homeowners and owners of co-ops and condos.
It also extends for the same period the J-51 program, which provides a tax benefit for the renovation of existing housing.
However, the legislation eliminates benefits for the conversion of commercial space to residential use and limits the eligibility for condominium and cooperative buildings with units that have an average assessed value per unit is greater than $30,000. Excepted are projects that receive “substantial” government assistance.
Certain provisions of the 421a program were amended as well so as to encourage new residential development in some high-density areas of Midtown and Downtown Manhattan. Continue reading
My coverage of New York City news likely will be sporadic over the next couple of weeks, but please do check here to catch up with important developments or perhaps my idle musings.
It takes longer to foreclose on homes in New York than in any other state—and it’s getting longer every month.
Two years ago, the state began requiring that banks and borrowers attend settlement conferences before a foreclosure takes place.
While the conferences are popular with borrowers and have succeeded in helping some families keep their homes, banks have been reluctant to participate. That, and recent revelations that some lenders have improperly submitted foreclosure documents, has prompted judges to take a harsher stance with lenders.
CUOMO IS UNRELENTING ON PLEDGE TO CAP PROPERTY TAXES
Gov.-elect Andrew M. Cuomo is making clear to legislative leaders that one of his priorities is to cap local property taxes, a notion that would have large consequences statewide for homeowners and school districts.
Cuomo is proposing a limit on the total amount of property tax dollars that can be collected annually by a school district, municipality or special district by capping the increase in the local tax levy at 2 percent or the rate of inflation, whichever is less, according to his campaign literature. Schools traditionally receive the largest share of property taxes.
A cap would not directly affect New York City, where property taxes are relatively low because of revenue from the city’s personal income tax and where the schools are financed through the general city budget. But outside the city, New York is among the most heavily taxed states in the country.
D’YA THINK THIS NOMAD MIGHT HAVE A BOOK OR MOVIE DEAL IN THE BACK OF HIS MIND OR HIGHEST OF HIS HOPES?
Ed Casabian’s nomadic existence Continue reading