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# Tax Breaks Extended for Co-op Owners
- URL: https://bklyner.com/tax-breaks-for-coop-parkslopestoop/
- Published: 2012-07-06T13:52:32.000Z
- Updated: 2012-07-06T13:52:32.000Z
- Author: Rachel Silberstein
- Tags: #API-Imported

![](/content/images/wp-content/uploads/2012/07/building-533x355.jpg)

The governor’s office [announced yesterday](http://cityroom.blogs.nytimes.com/2012/07/05/albany-to-address-co-op-and-condo-tax-break/?ref=bklyner.com) that a scheduled tax increase for co-op and condo owners probably isn’t going to happen after all, which means that a whole lot of Brownstone Brooklynites can breathe a sigh of relief/go out to dinner. Reports the Times:

> Under the terms of the agreement, lawmakers would increase tax breaks for middle-class owners of condominiums and co-ops but would phase out the breaks for those owners whose condos or co-ops are not their primary residences.

> “We have reached an agreement on landmark legislation that will cut taxes for the vast majority of condo and co-op owners who pay a disproportionate share of the city’s property tax burden,” Michael Whyland, a spokesman for the Assembly speaker, Sheldon Silver, said in a statement. Mr. Silver is a Democrat from Manhattan.

The city has already sent out tax bills based on the formerly-anticipated higher rates, but once the new legislation is signed into law (assuming that proceeds as planned), the lower rates will be “effective retroactive to July 1.”

Unfortunately, being a member of the Park Slope *Food* Coop doesn’t get you anywhere.