The possibility of a massive tax increase struck fear into the heart of Queens co-op and condo owners last month, and in response, legislators have come up with a somewhat radical proposal: to treat co-ops and condos like single-family homes when calculating taxes. The bill would cap taxes for co-ops and condos at 6 percent rather than one official's proposed 50 percent cap, which might mean an improvement in sales prices and fewer homeowners delinquent on their maintenance charges. [Habitat]
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