New Law Allows Greenburgh To Tax New Condos/Coops At Residential Rates

GREENBURGH, NY — A law that will allow the town of Greenburgh to assess newly built condos and coops as residential properties was signed into law Friday by Gov. Kathy Hochul.

Town Supervisor Paul Feiner said the legislation does not apply to existing condominiums and cooperatives buildings, which will continue to be assessed as commercial properties.

The law was sponsored by Senator Andrea Stewart-Cousins and Assemblyman Tom Abinanti.

Feiner said there is a potential for significant development in the town in the future, and the town will generate more revenue if developers build developments that will be taxes at residential rates.

“Greenburgh has spent considerable time and money to assess properties at 100 percent equalization levels,” he said. “It’s important to the town to ensure that assessing methods are accurate.”

There are about 5,000 existing condo properties in the town, Feiner said.

It would create great hardships to many existing condo owners to tax them at higher rates, he said.