Abatement for residential real property held in cooperative or condominium

Adopted Rules: Closed to Comments

Effective Date: 
Sunday, May 19, 2019
Agency:
Download Copy of Adopted Rule (.pdf): 

STATEMENT OF BASIS AND PURPOSE

The purpose of this rule amendment is to allow for a waiver of the current requirement that in order to be eligible for a partial tax abatement of real property taxes for qualifying property held in the cooperative or condominium form of ownership, the qualifying property must be owned by an individual. This requirement will be waived if the apartment or its shares are owned by a LLC, or LP, one or more of the partners or members is a law enforcement officer and he or she demonstrates that there is an imminent and/or ongoing security threat that necessitates ownership by such an entity.