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Month: December 2019

Dec 2019

Dealmakers: L.A. investment firm pays $4.9 million for 65 apartments

A 65-unit Hamburg apartment complex has been acquired by a Los Angeles investment firm for $4.9 million, in one of the largest commercial real estate deals in recent weeks. Summit Equity Investments, of Studio City, Calif., purchased the Holiday Meadows Apartments at 121-125 Holiday Lane in Hamburg from Michael Lorigo’s Holiday Meadows LLC. The 56,650-square-foot …

Dec 2019

State Lawmakers Step Into Overhaul of NYC Property Tax System

One state senator called the New York City property tax system “a monstrosity.” A former city finance commissioner said it’s unconstitutional and should be placed under court order. And the owner of a long-established Harlem newspaper said it’s threatening the survival of small businesses across the city. They all agreed in an animated Dec. 4 …

Dec 2019

New York lets property tax cheats take STAR program for a ride

Advance Media Editorial Board When it comes to tax breaks, New York is the state of unintended consequences. Fixing one thing often messes up another. The latest example of this is the $3.4 billion school tax relief program known as STAR. A change in how the state administers the program means that property owners who …

Dec 2019

Sen. Little won’t seek re-election after 25 years in legislature

GLENS FALLS — After more than three decades in politics, state Sen. Betty Little has decided to call it a career. Little, R-Queensbury, announced at City Hall on Thursday morning that she would not seek re-election to a 10th two-year term in 2020. Little said it has been a privilege to represent the 45th Senate …

Dec 2019

Boomers likely to gridlock housing market in 2020

U.S. home sales probably will fall next year as Baby Boomers gridlock the housing market by aging in place, according to a forecast from realtor.com. Sales of existing homes likely will fall 1.8% to 5.23 million while the inventory of available homes reaches historic lows, the forecast said. Home prices will probably rise just 0.8%, …

Dec 2019

Syracuse closes loophole that allows developers to save millions

The Syracuse Common Council on Monday passed two measures intended to rein in a lucrative property tax exemption after reporting by syracuse.com showed that some developers saved millions using the tax break in ways never intended by lawmakers. The council voted unanimously to amend local law by giving the assessor more explicit authority to reject …

Dec 2019

New York has made big changes to STAR rebates

ALBANY – Enough already with the changes to the state’s STAR program! That was the message this week from state lawmakers in the Hudson Valley, where property taxes are among the highest in the nation. The popular STAR break now comes in the form of a check for homeowners who earn between $250,000 and $500,000 …

Dec 2019

Suffern’s No. 1 taxpayer launches multimillion-dollar assessment challenge

The owner of the former Novartis campus wants its property assessments dropped by millions of dollars, potentially dealing a huge tax blow to the village, school district and town of Ramapo. Suffern Partners LLC filed a challenge on properties on Old Mill Road in Suffern and Hemion Road in Montebello seeking to drop the assessments from almost $4.8 million …

Dec 2019

Lawmakers Call On Cuomo To Leave Popular Tax Relief Program In State Budget

Residents from Westchester and Rockland counties are calling on Gov. Andrew Cuomo to keep a popular tax relief program in the New York State budget. The School Tax Relief (STAR) Program gives homeowners in Rockland and Westchester some much needed relief after paying some of the highest property taxes in the state. Some lawmakers say …

Dec 2019

Should new Groton solar farm get tax breaks?

The Groton Town Council continued its discussion of the potential solar project by Abundant Solar Power, Inc. at a meeting on Nov. 12. Abundant Solar Power is proposing a large-scale solar array be installed on about 40.3 acres of land on Cortland Road to “provide clean energy under the NYSERDA NY-Sun Initiative,” according to an …

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