14 TIMES • JUNE 30, 2016 FOR BREAKING NEWS VISIT www.qns.com State tax break aims to ease nancial burden of Queens co-op and condo owners BY SUZANNE MONTEVERDI [email protected] @RidgewoodTimes Middle class co-op and condo owners of Queens received welcome news from two loc al lawmakers at the Glen Oaks Oval on June 27. State Senator Tony Avella and Assemblyman Ed Braunstein announced the passage of their J-51 Tax Abatement Expansion bill in both the Senate and the Assembly, which raises the annual income qualifi cation threshold for the J-51 Tax Abatement from $30,000 to $32,000 at the end of the 2016 legislative session. The threshold will continue to rise with cost-of-living infl ation and reach $35,000 by 2021. “It’s a step in the right direction,” Avella said, “and we’re happy that the administration fi nally agreed with us.” J-51 is a property tax exemption for buildings renovating residential apartments. The bill is an effort to ease the burden of maintenance costs for co-op and condo owners. “Anyone who understands the New York property tax system understands that there’s glaring inequities throughout the entire property tax system,” Braunstein said. “Out here, especially in northeast Queens, these homeowners pay the highest effective property tax rates in New York City. It’s very unfair.” Braunstein also pointed out that many owners of these co-ops are young families and seniors who are unable to keep up with the rising costs. “I cannot underestimate the importance of the J-51 tax abatement and exemption program,” said Bob Friedrich, president of the Glen Oaks Village Co-op. He pointed out that the Glen Oaks Village Co-op just completed the installation of 18,000 new energy-effi cient windows. “We could not have done this program without the benefi ts of the J-51 abatement that provided nearly 38 percent of the cost of this massive program in dollar-for-dollar tax reduction over a period of time,” he added. Without the tax abatement, Friedrich said, monthly maintenance costs would have been raised by 16 percent, something that would have been “devastating” to the co-op’s seniors and working-class families. “The J-51 allows properties like ours to make major capital improvements without placing a fi nancial burden on the shareholders,” said Warren Schreiber, president of Bay Terrace Cooperative Section I. “If we didn’t have the J-51, our properties would fall into disrepair, or they would stop being affordable.” Though the passing of the tax abatement was a win, Avella says this is only the beginning of more legislation to come. “This is a great step in the right direction, but much more needs to be done,” Avella said. “But today we’re making a great fi rst step.” real estate STOP BY WE BUY & SELL GOLD & DIAMONDS SILVER •JEWELRY •WATCHES IMMEDIATE CASH! GOLD AND SILVER EXCHANGE OLD WATCHES CAN BE WORTH A FORTUNE IN CASH! Cartier • Breitling • Rolex • Patek Philippe • Hublot and Many More RIDGEWOOD OFFICE PRODUCTS CENTER “YOUR ONE-STOP SHOP FOR ALL YOUR BUSINESS NEEDS” DISCOUNTED OFFICE FURNITURE • Space Planning • Interior Design & Layout • Safes/Shredders • Printing / Copies/ Fax Service • Blumberg Legal Forms/Leases • Wedding Invitations/ Foreign Languages Celebrating Our 71st Year (1945-2016) Full Line of Art Supplies in stock SENIOR CITIZEN DISCOUNT WEDNESDAYS 67-16 FRESH POND ROAD (Near M Station) 1-718-386-3266 PROTECT YOUR HOME & ASSETS FROM NURSING HOME BILLS Giovanni P. Silvagni, Esq Ida Como, Esq Elder Law Estate Planning Asset Protection Living Trusts & Wills Medicaid Home Care and Nursing Home Applications Estate and Probate Matters Real Estate FREE INITIAL CONSULTATION CALL 718-928-3355 Out of office visits available Parliamo Italiano • Hablamos Espanol 69-17 Myrtle Avenue, Glendale 172 Gravesend Neck Road, Brooklyn Email: [email protected] www.silvagniandcomolaw.com METRO CASH 4 GOLD HIGHEST PRICES PAID! 33 YEARS EXPERIENCE OPEN: MONDAY THRU SATURDAY Dont Sell Before You Get Our Free Price Quote 65-50 METROPOLITAN AVENUE, MIDDLE VILLAGE 718-386-4440
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