Commercial Property Tax Breaks Proposed by NY Lawmakers08/18/2020
On Monday, August 17, 2020, NY lawmakers proposed a law giving commercial property owners a break on property taxes in exchange for a renegotiation with their small-business tenants. Small business owners in NY, especially restaurant owners, are continually strugggling to pay their rent even after the re-open post pandemic shut down.
Under the proposal, the following is offered:
- the recovery leases would last at least 10 years with limited annual rent increases
- landlords would be eligible for property-tax abatements
- commercial tenants restructuring their current lease, or those entering into a new lease for space left vacant for reasons other than eviction, would be eligible to enter into a recovery lease
For more information, contact Michael Ceschini.