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…………


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