LIC co-op residents face sharp increase in property taxes, end of tax abatement

It’s a double-whammy: Residents of a Long Island City co-op are simultaneously facing a sharp spike in their property tax assessments and the end of a tax abatement. Property tax assessments at Citylights, a 522-unit middle-income residence at 4-74 48th Avenue, are expected to jump 87 percent in one year, just as a 20-year tax abatement is coming to an end, Politico reported. The city’s Department of Finance estimated the co-op’s value to be $101.6 […]

source https://therealdeal.com/2018/06/19/lic-co-op-residents-face-sharp-increase-in-property-taxes-end-of-tax-abatement/