32 DECEMBER 30, 2021 RIDGEWOOD TIMES WWW.QNS.COM
REAL ESTATE
Home-buying market ‘leveling off ’ in Queens: Report
Council approves bill extending J-51 property tax exemption program
BY CARLOTTA MOHAMED
CMOHAMED@SCHNEPSMEDIA.COM
@QNS
The City Council Committee on
Housing and Buildings recently
approved legislation sponsored
by two Queens lawmakers that will
extend the J-51 property tax exemption
and abatement program and provide
relief to property owners for renovating
a residential apartment building, rental,
co-op or condo, or for converting commercial
structures into residential units.
The bill, which passed the state Legislature
in June and is sponsored by Senator
Toby Ann Stavisky and Assemblyman
Edward Braunstein, authorized the
Council to extend the exemption to June
30, 2022, so more property owners can
take advantage of it.
The measure will also apply retroactively
to qualifying projects that
occurred aft er the June 29, 2020, expiration.
This tax exemption provides relief
by utilizing the assessed valuation (the
property tax rate is based on the assessed
valuation) prior to construction.
The tax abatement reduces the tax owed
at that time.
Stavisky commended the Council for
approving this extension before the
year-end deadline.
“The J-51 program was designed to
help property owners make necessary
improvements to their property. It incentivizes
property owners to modernize
their buildings for the health and safety
of its residents,” Stavisky said. “These
incentives enhance aff ordable housing
and improve our neighborhoods.”
According to Braunstein, for years, the
J-51 tax abatement has provided modest
property tax relief to eligible New York
City co-op owners, including many
families in the outer boroughs who pay
higher eff ective property tax rates than
other homeowners.
“The program also helps to ensure that
buildings are maintained, improved
and, most importantly, kept safe for
residents,” Braunstein said.
Senator John Liu said the state
legislature acted this past summer to
extend the exemption, and now with the
Council’s action, they’re able to declare a
deserving victory for co-ops in northeast
Queens and beyond.
“Co-op owners are breathing a huge
sigh of relief now that the City Council
has passed the J-51 tax abatement.
There are precious few fi nancial incentives
that preserve the aff ordability
of our local co-op housing stock,
and this reauthorization will ensure
owners have the ability to make critical
repairs and capital improvements
to their essential infrastructure like
elevators, boilers and roofi ng,” Liu
said.
Ridgewood Times Sales Guide
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
Woodward Avenue
Listings selected at random. Courtesy MLS
Under $600,000
2118 Greene Ave. Unit D1
$529,000
Condo
1 bedroom, 1 bathroom
Claudia Looi, Keller Williams
Landmark II
$600,000-$1,000,000
61-20 71st Ave. Unit C1A
$675,000
Condo
2 bedrooms, 1 bathroom
Christian Wittmann, Compass
Greater NY LLC
Over $1,000,000
376 Woodward Ave.
$2,150,000
Multi-Family
18 bedrooms, 6 bathrooms
Gobinda Lama,Prime America
Real Estate Inc
Doran Avenue 59th Drive 65th Lane
Under $600,000
90-60 Union Tpke. Unit 12E
$429,000
Co-op
2 bedrooms, 1 bathroom
Barrington Richards, Fine Choice
Realty Inc
$600,000-$1,000,000
84-01 Doran Ave.
$850,000
Single family
4 bedrooms, 3 bathrooms
David Pastorini, Coldwell Banker
Phillips
Over $1,000,000
76-05 Cooper Ave.
$1,149,000
Multi-Family
6 bedrooms, 3 bathrooms
John Amore, Prime Realty
Under $600,000
64-62 58th Road
$539,000
Single Family
1 bedroom, 1 bathroom
Joan Sammon, O Kane Realty
$600,000-$1,000,000
60-30 59th Drive
$819,000
Single Family
2 bedrooms, 1 1/2 bathrooms
Vincent O Connell, RE/MAX Team
Over $1,000,000
68-12 53rd Drive
$1,149,000
Single Family
4 bedrooms, 2 bathrooms
Afshin Termechi, Keller Williams
Landmark II
Under $600,000
72-52 Metropolitan Ave. Unit 3A
$469,000
Condo
1 bedroom, 1 bathroom
Marek Sobolewski, Trademarko
Realty Inc
$600,000-$1,000,000
64-34 65th Lane
$899,000
Multi-family
6 bedrooms, 3 bathrooms
Gabriel Kashi, Keystone Realty
USA Corp
Over $1,000,000
69-32 66th Road
$1,598,888
Multi-family
8 bedrooms, 6 bathrooms
Louis Pastorini, Coldwell Banker
Phillips
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