new york city condos The State Assembly, Senate and Governor have reached an agreement on what has been described as “landmark” tax relief, according to Assembly Speaker Sheldon Silver.

Quoted in the Queens Courier, Silver said, “In the short term, the city has issued tax bills for the current fiscal year based on the current tax abatement rates.”

“When the legislation is signed into law as promised by the governor, we anticipate that the new lower rates will be effective retroactive to July 1.”

Condo and co-op owners are unhappy with rapidly rising property valuations and tax increases, however the new legislation should address abatement rates providing owners with some relief. Community leaders also expect a permanent fix to annual valuation increases is in the cards soon.

Silver expects the legislation will be signed into law later this year when lawmakers return to the state capital. We’ll see how this one plays out…

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