NYS Senate Passes Bill to Give A Property Tax Rebate To Homeowners From the NYC Surplus

The New York State Senate recently passed a bill authorizing the City of New York to give a property tax rebate to homeowners based on the projected surplus the City will have.  The bill sponsored by Andrew Lanza from Staten Island would authorize cities with a population of one million or more to provide a rebate of a portion of the real estate taxes on owner occupied residential real estate.  New York State Comptroller Thomas P. DiNapoli announced a projection that New York City will enjoy a surplus of $2.6 billion for this current fiscal year. This bill is based on these projection and would “empower New York City to share some of its prosperity with the hardworking families according to the press release.

The bill which you can read in its entirety here will affect residences up to 6 family units and tenant stockholders of condos and co-ops.  The rebate will be the lesser of up to $400 for the amount of the imposed annual tax liability on the property.   The bills allows the local law to be changed in order to give the rebate for the period between July 1, 2018 and ending at July 13, 2020.  In order to receive the rebate, the owner cannot be in arrears in an amount exceeding $25 for the year in which the rebate will be claimed.

Senate Majority Leader John Flanagan states, “There are very few places in New York where the cost of living for middle class homeowners is higher than in New York City. On top of that, the city property tax system is very unfair and the tax burden continues to rise at alarming rates. For years, our Senate Majority has been leading the charge to cut these out-of-control taxes and fees, and this legislation will help ensure that struggling homeowners in the five boroughs are given real savings.” Senator Lanza who sponsored the bill stated that he would continue the fight on burdensome real estate taxes.  “With the projected City surplus, this rebate will provide relief to hardworking taxpayers from the ever increasing burden of city property taxes. I urge my colleagues in the Assembly to pass it. I also thank Councilman Steve Matteo for his tireless efforts and leadership as he fights to deliver property tax relief to the people of Staten Island and New York City, and I will continue to work with him toward that end.”

The bill will not go to the Assembly where it will be scrutinized before a vote to occur.  Senator Martin Golden of Brooklyn called upon the Assembly to make the bill a priority for passage so it can be signed by Governor Cuomo.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

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