Condos and co-ops built after January 1, 2023 will be assessed at full value
Over the weekend, the New York State Senate and New York State Assembly approved legislation sponsored by Senator Andrea Stewart Cousins and Assemblyman Tom Abinanti that will generate additional revenue for Greenburgh, New York’s cities, towns and villages and will help us and the municipal governments in our economic development. initiatives.
Greenburgh City Council has been pushing for years to allow a Greenburgh-only and statewide bill that will assess condos and co-ops built after Jan. 1, 2023 at full assessed value. The legislation now awaits Governor Kathy Hochul’s signature. The Assessors Association has been trying to get this legislation passed for decades. The legislation that has been approved will not affect existing condos or co-ops. They will continue to be assessed at commercial value, which is lower than that of single-family homes. The new law applies only to new constructions.
Greenburgh City Council held a special meeting on Tuesday and voted in favor of the Greenburgh Home Rule legislation only. We didn’t think the statewide bill would pass—it was a last-minute surprise. Vote in favor of the resolution: Council members Francis Sheehan, Gina Jackson, Ken Jones and myself. Councilor Ellen Hendrickx abstained.
City council members who voted yes believe the legislation will help us maximize the taxes we receive on mixed-use development and on future developments in the future. For example, if a developer wishes to build mixed-use housing at Four Corners in Hartsdale, on Central Ave, new developments will be assessed and taxed in residential dollars. A statewide law is better than a single Greenburgh law because all new condos and co-ops in the state will be treated the same. We have a lot of land development opportunities in our city, so this law is very helpful.
The City Council has committed to only approving single family homes at the former Elmwood development and has previously advised that we will not be accepting townhouses (condos) on this site. 113 single-family homes will be permitted at this location.
Greenburgh Town Supervisor