Tish James Calls on Albany to Renew Co-op, Condo Tax Break

Vowing to fight for the growing ranks of co-op and condo owners in her traditionally brownstone-heavy district, Councilwoman Letitia James, D-Fort Greene, said Thursday she would call on Albany to extend a property tax abatement for apartment dwellers.

Unless the State Legislature acts, the breaks—amounting to as much as 25 percent of a co-op shareholder's or condo owner's tax bill—will expire at the end of the fiscal year on June 30.

James argued that the break was needed more than ever for condo and co-op residents—some of whom saw their assessed property values soar by as much as 400 percent last year.

In pledging to lobby Albany to extend the tax abatement, James also slammed the city Department of Finance for its methodology in reevaluating the value of thousands of co-op and condo buildings.

"The fact that co-ops and condos are taxed not as private residences, but effectively as commercial properties that bring in rental income, presents serious concerns to owners," read a statement released by her office.

James will hold a tax information session for co-op and condo residents on Thursday, May 24 at 6 p.m. at , 210 Clinton Ave. in Clinton Hill.