[Added 4-18-2023 by L.L. No. 4-2023]
This law shall be known as "A Local Law adding a new Article XVII to Chapter 440 of the Town Code of the Town of Greenburgh entitled Tax Assessment of Condominiums and Cooperatives."
The Real Property Tax Law and the Real Property Law do not currently allow the Town of Greenburgh to consider the sum of the assessments of individual cooperative or condominium units to exceed the value of the entire complex if it was valued as a single entity. The restriction reduces condominium and cooperative assessments by preventing the use of sales of units in the assessment process. The Office of Real Property Services, assessors and other local Town officials generally consider the restrictions an unreasonable state mandate that unfairly limits the revenue-raising abilities of the Town of Greenburgh. Assessors and appraisers also cite the difficulties they encounter when they are forced to ignore market information, usually the best indicator of value in developing estimates of taxable value. This bill would allow the Town of Greenburgh to value newly constructed and converted cooperative and condominium units as they would other real property to alleviate any negative impacts placed on the Town by the current statute. The State Senate and Assembly recently adopted a bill which allows the Town to adopt this article allowing the Town to consider the sum of the assessments of individual cooperative or condominium units to exceed the value of the entire cooperative or condominium complex if valued as a single entity.
This article is adopted under the authority granted by:
A. 
Article IX of the New York State Constitution, § 2(c)(8);
B. 
New York Municipal Home Rule Law, § 10;
C. 
New York Real Property Tax Law § 581(d); and
D. 
New York Real Property Law § 339-y(g).
The provisions of New York Real Property Tax Law § 581(a), shall not apply to real property owned or leased by a cooperative corporation or on a condominium basis in the Town of Greenburgh.
The provisions of New York Real Property Law § 339-y(b) shall not apply to real property owned or leased by a cooperative corporation or on a condominium basis in the Town of Greenburgh.
A. 
This article shall not apply to real property owned or leased by a cooperative corporation or on a condominium basis in the Town of Greenburgh that had been previously subject to the provisions of New York Real Property Tax Law § 581(a) or New York Real Property Law § 339-y(b) prior to January 1, 2023.
B. 
This article shall not apply to real property owned or leased by a cooperative corporation or on a condominium basis that is participating in an affordable housing tax credit program or has a regulatory agreement with a federal, state, or local agency related to affordable housing requirements.