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law does not apply to existing condo's or cooperatives
Governor Kathy Hochul signed legislation sponsored by Senator Andrea Stewart Cousins and Assemblyman Tom Abinanti into law that will allow the town of Greenburgh to assess newly constructed condominiums and cooperative units as residential properties - not commercial properties. The law does not apply to existing condo and coop buildings. They will continue to be assessed as commercial properties.
There is a potential for significant development in the town in the coming years. The town will generate more revenue if developers build developments that will be taxed at residential rates. Greenburgh has spent considerable time and money to assess properties at 100% equalization levels. It's important to the town to ensure that assessing methods are accurate. The New York State Assessors Association also supports legislation that would allow municipalities to assess newly constructed condominiums and cooperative units to reflect the most current market values as all other residential properties. Again- this law does not apply to any condo and cooperative which already exists within the town. They will continue to be taxed at the commercial rate. There are about 5,000 existing condo properties in the town. It would create great hardships to many existing condo owners to tax them at higher rates. It would be unfair to existing owners to treat Greenburgh condo/coop owners differently from owners in the rest of the county of Westchester.
Prior to the decision by the Governor to sign the legislation into law the Greenburgh Town Board passed a home rule request for Assembly bill A10488 and Senate bill S9413. We appreciate the fact that the Governor, Senator Cousins and Assemblyman Abinanti were responsive to Greenburgh's concerns. The state-wide bill was not signed into law.
PAUL FEINERGreenburgh Town Supervisor