City Island Property Owners Rejoyce

Issue

New York City has undertaken a sweeping review of how co-ops and condos are taxed following an outcry by some owners who saw the assessed market value of their properties shoot up as much as 147 percent this past year.

According to members of NYC's Finance Committee, taxes on the city's 364,893 co-ops and 144,622 condos will be lowered next year.

In the meantime, Finance will extend a cap on market-value and assessment increases from one to two years.