The city and state need to do some more talking.
Even though lawmakers in Albany did not extend the state’s tax abatement program before the session concluded on June 21, the city mistakenly included the tax break that co-op and condominium owners see in their tax bills this week, according to Crain’s.
The legislature will have to hold a special session before the end of the year to extend the law — which provides a 25 percent abatement for buildings with an average assessed value per dwelling worth less than $15,000 and 17.5 percent for those worth more than $15,000.
If the law is renewed, the city will have been right to include it. But if, for some reason, the law is not extended, co-op owners will be socked with a huge tax increase.
Assemblyman Jeffrey Dinowitz said after session concluded that he thought lawmakers would hold a special session later this year and that co-op owners need not worry.
The bill, introduced by Speaker Sheldon Silver and co-sponsored by Mr. Dinowitz, would extend the current tax abatement program for co-op and condominium owners through 2016.