Senate bill would give 421a to far more condo developers

A budget proposal from the New York State Senate would greatly increase the number of tax exempt condominium projects in the outerboroughs, confirming the fears of Mayor Bill de Blasio and other city officials that such developments could creep back into a renewed 421a developer tax break.  In the Senate Republicans’ latest version of the bill, condo projects outside Manhattan with as many as 80 units could qualify for 421a tax exemptions, up from 35 units in Gov. Andrew Cuomo’s proposal released in January. A cap on the average tax assessment value for benefitting condo units is also raised in the new proposal from $65,000 to $85,000, a change that was first reported by Politico.   Read the article…………


Related Articles

Vague ruling means uncertainty for slip-and-fall ice lawsuits in Illinois

Can you be held liable if someone slips and falls on ice outside your house? The Illinois Supreme Court says

Washington Court of Appeals Resolves Road Maintenance Agreement Dispute

The Court went on to consider the issue of whether the road maintenance agreement could be amended by majority vote.

Nevada Supreme Court ruling upholds nonjudicial foreclosure process

The Nevada Supreme Court ruled Thursday that a nonjudicial foreclosure process used by investors and speculators to acquire HOA properties