Greenburgh Can Now Tax New Condos, Co-ops At Residential Rates

GREENBURGH, NY — The town of Greenburgh approved a local law Tuesday that will allow the town to tax newly constructed condos and co-ops at residential rates — not commercial rates.

In December, Gov. Kathy Hochul signed a state Senate and Assembly law that would give Greenburgh the ability to amend its town code and change the way condominiums and cooperatives were assessed.

Supervisor Paul Feiner said the new law does not impact existing condos and co-ops.

“Developers who wish to build affordable condos and coops could still apply to the town for tax abatements,” he said.

The local law permits the town to consider the sum of the assessments of individual cooperative or condominium units to exceed the value of the entire cooperative or condominium complex if valued as a single entity.

Feiner said, when Hochul signed the state legislation, that there is a potential for significant development in the town in the future.

The town stands to generate more revenue if developments are built that will be taxed at residential rates, he said.

The local law was approved with the votes of Councilmembers Ken Jones, Francis Sheehan and Gina Jackson. Councilwoman Ellen Hendrickx and Feiner recused themselves because they live in condos.