LEGISLATIVE UPDATE
ALBANY PASSES THREE-YEAR REAL ESTATE TAX ABATEMENTS EXTENSION
By Greg Carlson, RAM, nyarm
The Albany legislature has passed and sent to Governor Pataki a three-year real estate tax abatement extension. As of this writing, the Governor has yet to sign the bill, but there are no indications that he will not sign. The legislation keeps the abatements at the same levels - 25% for building with an average assessment under $15,000.00 per unit and 17.5% for building with an average assessment over $15,000.00 per unit. Also, there are several bills floating around the Albany legislative houses that will increase the abatement. The budget talks have put almost all other legislation on hold.

Assuming the Governor will sign the extension, the New York City Department of Finance will adjust real estate tax bills starting January 1, 2002. In addition, the schedule of all the abatements and exemptions will be mailed by year's end.

J-51 BENEFITS EXPANDED
Mayor Giuliani recently signed a bill into law to extend J-51 benefits to the previously left out segment of the community of cooperative and condominiums buildings who change from direct electrical metered apartments to master metered to sub metered buildings. These buildings will receive the same J-51 benefits as those buildings who go from master metered to sub metered. The benefit to those buildings who go from direct metered to master metered to sub metered is that the residents will benefit from a reduced electrical rate (any where from 10 to 20 percent). Jorge Reyes-Montblanc of the Housing Development Financing Council (HFDC) should be recognized for spearheading this effort.


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