Greenburgh Insider: Condos and coops built after 1/1/23 will be assessed at full value.

 

The legislation, introduced by Senator Andrea Stewart Cousins and Assemblyman Tom Abinanti has been an initiative the town has been pushing for years. The Assessors Association has been pushing this for decades.

Late  this  week 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, towns, cities and villages throughout NYS  and help us  and municipal governments with our economic development initiatives.

The Greenburgh Town Board has been pushing for years authorizing a Greenburgh only and a state-wide bill that will assess condos and coops built after January 1, 2023 their full assessed value.  The legislation now awaits the signature of Governor Kathy Hochul.  The Assessors Association has been trying to get this legislation approved for decades.  The legislation that was approved will not impact existing condos or coops. They will continue to be assessed at the commercial values--which is less than single family homes are assessed. The new law only impacts new construction.

The Greenburgh Town Board had a special meeting on Tuesday and voted to support the home rule Greenburgh only legislation. We did not think the state wide bill would be approved --it was a last minute surprise.  Voting in favor of the resolution: Councilmembers Francis Sheehan, Gina Jackson, Ken Jones and myself. Councilwoman Ellen Hendrickx abstained.

Members of the Town Board who voted yes feel that the legislation will help us maximize the taxes we get on mixed use development and on future developments in the future.  For example, if a developer wants to build mixed use housing at the Four Corners in Hartsdale, on Central Ave -- the new developments will be assessed and taxed  at residential dollars. A state wide law is better than only a Greenburgh law because all new condos and coops in the state will be treated  the same manner.  We have lots of potential land use development in our town so this law is very helpful.

The Town Board has committed to only approve single family homes at the former Elmwood development and previously indicated that we will not support townhouses (condos) at that site. 113 single family homes will be authorized at that location.

PAUL FEINER

Greenburgh Town Supervisor