New York Condo & Co-Op Tax Bill Nixed By Gov. Hochul
In many counties in New York State, condominiums and co-ops are taxed at a lesser rate than single-family homes. The tax break has been a big reason that condos have been a popular retirement choice in the Empire State. New York City and Nassau County have separate assessment laws due to overall population. Some, now former, state legislators proposed a bill that would change that tax advantage for new condo and co-op owners in the rest of New York State. The governor, enjoying her first elected-inauguration days ago, did not agree with the proposed tax.
According to an article by David McKay Wilson of the Rockland/Westchester Journal News, the tax bill was focused on increasing property tax assessments on condominiums. The bill was sponsored by former Assemblywoman Sandy Galef, a Democrat from Ossining, who retired from her position on January 1st, and former state Senator Elijah Reichlin-Melnick, a Democrat from Nyack, who lost his re-election bid in November to Republican Senator William Weber Jr.
As reported by McKay Wilson, the governor stated her reasoning for the veto. “The bill would result in an effective tax increase upon newly constructed housing built as condominiums and cooperatives in jurisdictions that change their assessment, which would make this housing less attractive to potential homeowners and ultimately lead to few units of housing being built. At a time when New York state is in the midst of a statewide housing crisis, this would be an unacceptable outcome.” Many New Yorkers will agree with the governor. The last thing that the Empire State needs is more taxes.