New Property Tax Classification for Co-ops and Condos Needed

During the 2015-2016 legislative session an important piece of legislation was introduced, but there was no final action on it.

Senate Bill s-893 would “amend the real property tax law, the administrative code of the city of New York and the real property law, in relation to classifying properties held in condominium and cooperative form for assessment purposes as class one-a properties.”  This would remove co-ops and condos from the same classification as commercial income-producing dwellings and bring their property tax rate closer to that enjoyed by owners of one- two- and three- family homes.

Needless to say is an important measure that would obviate the need to seek tax rebatements from the legislature every three years, as is currently the case, and properly treat co-op and condo owners as the “home” owners they truly are.

Copyright © . Association of Riverdale Cooperatives & Condominiums. All rights reserved. | Wordpress Customization by Chrein.com