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.