Riverdale’s ONLY Locally Owned Newspaper!
Volume XX • Number 5 • Jan. 31 - Feb. 6, 2013 •
FREE!
Legislature extends co-op tax abatement By MIAWLING LAM Local co-op and condo owners can finally breathe a sigh of relief after lawmakers in Albany voted overwhelmingly to extend the $430 million property tax abatement plan. The New York State Senate voted to renew the popular Cooperative and Condominium Tax Abatement during its session on January 23. The New York State Assembly is set to cast its own vote this week on the abatement, which is expected to pass there as well. Tenant advocates are likely to oppose passage because the provision for co-ops and condos is one component of a package that also includes tax breaks for landlords. But Assemblyman Jeffrey Dinowitz said he would support the bill because the benefits outweigh the drawbacks. The scheme, which gives apartment owners and shareholders significant property tax breaks for a primary residence co-op or condo, has been in limbo since it expired on June 30, 2012. Jeffrey Klein, who represents all of Riverdale and is the new co-leader of the state Senate, said that the bill’s passage now meant homeowners’ property taxes would not balloon overnight. “It provides nothing less than essential financial stabil-
ity to these property owners,” he said in a statement. “This renewal is long overdue, but I’m pleased to see that this critical measure for Riverdale residents is now on its way to the governor’s desk. “Failure to renew this tax credit would have resulted in drastic and unnecessary tax increases for New York families and seniors.” News of the bill’s passage comes two months after the Riverdale Review reported that city officials retroactively applied the popular Cooperative and Condominium Tax Abatement in its last round of tax bills in the hope that an accord would be struck. Homeowners feared they would be slugged with higher property taxes if lawmakers failed to renew the hugely popular provision, in effect since 1996. Under the abatement program, owners and shareholders whose units are valued in excess of $15,000 are currently given a 17.5 percent rebate, while those with properties valued at less than $15,000 are given a 25 percent rebate. If the program had not been renewed, owners whose units are worth more than $15,000 would have seen their tax bills spike by 21 percent, while those whose properties are valued at less than $15,000 would have seen their assessments skyrocket by 33 percent. Stephen Budihas, president of the Association of
Riverdale Cooperatives and Condominiums, welcomed news of the extension and said it had a significant bearing on those who live in the neighborhood. “This tax credit is essential for many of the young families and seniors that own co-ops and condominiums here in Riverdale, and I am happy that this period of limbo has come to an end,” he said. “I am also thankful that this bill, which affects thousands of New Yorkers, was given top priority so that we can plan for the future.” The abatement program was originally designed to reduce the tax burden on co-op and condo owners, who pay higher property taxes than owners of one-, two-, and three-family homes. The disparity is widely attributed to the tax class they are assigned to—co-ops and condos are assessed in the same group as apartment buildings. A study conducted in 2011 by the Real Estate Board of New York shows that although one-, two-, and threefamily homes account for 50 percent of the market value of properties citywide, their owners pay just 15 percent of the overall tax tab. According to the Independent Budget Office, the abatement program costs New York City taxpayers nearly $430 million annually.
Cohen gets endorsement from old friend and possible mayoral candidate
By TESS McRAE City Council Speaker Christine Quinn visited Kingsbridge last Friday to officially endorse Andrew Cohen in the City Council District 11 race. Cohen and Quinn sat next to one another in Louie’s Dale Diner on West 237th Street at a table covered with Cohen’s campaign palm cards. The two chatted for a bit and caught up briefly before Quinn jumped right in and praised Cohen as the best possible candidate to succeed current Councilman G. Oliver Koppell. Koppell is serving his third term and must vacate the City Council office due to term limit rules. There are currently two other registered Democratic candidates in the race: Fieldston School track coach and businesswoman Cheryl “Shelley” Keeling and the leader of a boycott against the Riverdale Review, Cliff Stanton. “I just really think Andy is the perfect fit,” Quinn said, citing Cohen’s experience as both a small-claims attorney and a Community Board 8 member. “The best experience is to have community board experience, and you want someone who understands law in an actual sense. And small-claims gives you that sense.” Quinn went on to add that
Cohen’s work with the Friends of Van Cortlandt Park group was another great credential. However, it was her enduring friendship with Cohen that
Quinn frequently brought up as a main factor in her endorsement. The two know each other primarily through mutual friend Christine McLaughlin.
“We go way back. He’s one of my longtime friends,” she said. When Cohen’s rivals, Stanton and Keeling, were mentioned, Quinn didn’t have much
to say. “I’m not really familiar with them,” she admitted but then clarified that her unfamiliarity was a non-issue. “Sometimes you go shopping and the first dress you see, that’s it. Then there are other times when you have to look and look and look but once you see the best, you stop looking,” she said. After taking questions from the press, Quinn mingled with diners and employees at the restaurant. She listened to their concerns and noted their comments. Cohen followed Quinn’s initiative, shaking hands with customers and introducing himself. “I have a lot of respect for Christine Quinn, and the fact that she appreciates what I could bring to the Council is very gratifying,” Cohen said after the press conference. “As a speaker, she would know who is qualified to be in the Council, and if she thinks that I have what it takes, I think it means something.” Cohen has already picked up the endorsement of Koppell, Assemblyman Jeffrey Dinowitz, Congressman Elliot Engel, state Senator Jeffrey Klein and most recently, the entire Benjamin Franklin Reform Democratic Club.