{"id":1634,"date":"2021-08-23T10:00:02","date_gmt":"2021-08-23T14:00:02","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1634"},"modified":"2024-04-25T23:19:28","modified_gmt":"2024-04-26T03:19:28","slug":"the-sweet-new-york-condo-tax-deal","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/the-sweet-new-york-condo-tax-deal\/","title":{"rendered":"The Sweet New York Condo Tax Deal"},"content":{"rendered":"\n
\"Image<\/figure><\/div>\n\n\n\n

How\nLong Must This Show Go On?<\/em><\/strong><\/p>\n\n\n\n

Homes in New York can have high property tax assessments. By\ndefault, home values are assessed at market prices. In contrast, homes\nclassified as condos receive deep discounts when they\u2019re assessed. The result?\nSome people pay a lot more to cover county, township and school taxes than\nother people pay \u2014 even if they live in homes of similar value.<\/p>\n\n\n\n

A free-standing house can be called a condo if the builder has\nthat goal in mind, and many do. New York builders can sell homes for higher\nprices if they advertise a sweet deal on property taxes. Some of the undertaxed\ncondos are mansions, filled with luxury features, worth a million dollars or\nmore. Why should their buyers pay less in local taxes?  <\/p>\n\n\n\n

Builders insist that their condos are rightly entitled to\ntax breaks. Many condo owners are downsizers, they say \u2014 seniors and others who\npay high association assessments and fees. <\/p>\n\n\n\n

But that\u2019s irrelevant to property taxation, which is meant\nto maintain the infrastructure of the surrounding township, to provide\nemergency services, libraries and schools. All <\/em>property owners support\nstrong school districts; and that, in turn, upholds their property values.<\/p>\n\n\n\n\n\n\n\n

Scene One: The Makings of a Sweet Deal<\/strong><\/h2>\n\n\n\n

What was the original point of New York State\u2019s condo\nstatute? The provision, NYS Real Property Tax Law \u00a7339y, was enacted in 1964.\nAt that time, the stage was set for New York City apartment buildings to be converted\ninto units for sale. The provision was stimulus for city home ownership, as\nmiddle-class buyers were looking for homes with lawns in the suburbs. By\nkeeping the city units bundled, the state meant to protect apartment owners and\nhelp the residents of rent-stabilized apartments keep their homes. Unit owners were\npresented with an option to collaborate and form a condo association, and be taxed\nas a single property, with an assessment based on rental value, not market\nvalue. <\/p>\n\n\n\n

The incentive was too broad. To this day, New York State assesses\ncondos and co-ops as though they were rental properties. Given that many\napartments are limited by rent control, New York\u2019s property tax structure\nguarantees strikingly low tax assessments for New York City condos and co-ops. Hence\nthe international appeal of Billionaires’ Row.<\/p>\n\n\n\n

Moreover, the provision\u2019s language never restricted its\neffect to New York City, or defined the types of buildings that could make up a\ncondo association. Soon, people in suburban houses began bunching themselves\ntogether to apply for condo status. This tax-savvy trend started in Amherst, where\none in ten free-standing houses gets the condo tax break. State lawmakers put\nthe kibosh on that move in 2006 in some places, by establishing a method for local\ngovernments to prevent the owners of houses from forming groups and converting\ninto associations. <\/p>\n\n\n\n

Next Act: New York Developers Get Tax-Savvy<\/strong><\/h2>\n\n\n\n

Realizing that no one had limited new condos from getting\nthe tax deal, builders started forming condo associations. They now sell\nstand-alone homes in new developments, advertising their lower taxes. Localities\nlose vast amounts of revenue through this practice \u2014 a loss that must be made\nup by ordinary homeowners. But what can the tax assessors do?<\/p>\n\n\n\n

Once a developer establishes a homeowners\u2019 association under\nstate law, and records the condo deed, the worth of a house in the association\nmust be based on a condo\u2019s potential rent value rather than a home\u2019s market\nvalue. <\/p>\n\n\n\n

The buyers do need to pay association fees to cover waste\nremoval and upkeep for their immediate surroundings. But they\u2019re taxed a much smaller\nportion of the local budget for streets, parks and trails, schools and\nlibraries. Some of these condo deeds convey luxury homes on multiple acres \u2014 with\nfive-figure tax reductions.<\/p>\n\n\n\n

Curtains for the Condo Statute? <\/strong><\/h2>\n\n\n\n
\"Image<\/figure><\/div>\n\n\n\n

Assessors say most taxpayers don\u2019t notice that other New York homeowners are getting a sweet tax deal<\/a>. Tom Golisano, the founder of Paychex\u00ae Payroll Solutions, is trying to get the word out through a site called TaxMyPropertyFairly.com<\/a><\/em>. Golisano shows precisely how the New York condo assessment<\/a> formula plays out in an assessor\u2019s calculation. Single home owners are disadvantaged, states the site, as to \u201chow much they pay in property taxes compared to condominium owners.\u201d Is New York listening?<\/p>\n\n\n\n

Some lawmakers, with support from the state assessors\u2019\nassociation, have tried to hasten the final act of the New York condo statute. Multiple\nNew York City commissions have also been formed to study and reform the law, in\nhopes of evening out the tax burden. Hearings planned in the City for March\n2020 were derailed by Covid-19.<\/p>\n\n\n\n

Yet state action is ultimately necessary to reform this\nstate-level law. And outsized power in New York\u2019s legislature is wielded by\nlawmakers from wealthy areas where voters like things as they are. Consider the\ncondos in the town of Ossining, in Westchester County, where the Trump National\nGolf Course properties include condos with a 30% tax discount. <\/p>\n\n\n\n

Some New York townships have tried to raise condo assessments to market value by using an amendment to the state property law: the 1983 homestead tax option<\/em><\/a>. If a township opts to tax home and commercial properties differently, its condo assessments could match market value. School districts and villages don\u2019t have to follow suit, though. Towns that have implemented the option found it contentious and unworkable. Because the state hasn\u2019t changed, the option can put its adopters at a comparative disadvantage<\/a>.<\/p>\n\n\n\n

And So the Show Goes On<\/strong><\/h2>\n\n\n\n

The point of a property tax is to evaluate every local owner\u2019s\nfair share of a community budget, and tax people in a way that\u2019s proportional\nto real estate values. Owners of homes with similar market values should incur\nsimilar tax obligations. But New York State has lost the plot.<\/p>\n\n\n\n

And as builders create more condo associations up and down\nthe state, their influence grows. The New York State Home Builders Association is\nformidable. After each parade of talking points from lobbyists, ambitious bills\nto \u201cclose the loophole\u201d invariably fizzle. The local and regional industry associations\nadd their refrains to the score: tax breaks for condos draw retirees to buy\nsome of the pricier housing, and so forth. <\/p>\n\n\n\n

From where we\u2019re sitting, it doesn\u2019t look like the curtain\u2019s\ncoming down any time soon.<\/p>\n\n\n\n

Supporting References<\/strong><\/p>\n\n\n\n

New York Consolidated Laws: Real Property Law. RPP \u00a7 339-y: Separate Taxation<\/a>; and RPT \u00a7 581: Assessment of Residential Cooperative, Condominium and Rental Property<\/a> (current as of Jan. 1, 2021 per FindLaw<\/em>). <\/p>\n\n\n\n

Habitat Magazine<\/em>: Pricey Co-ops and Condos Could Be Big Losers in Property Tax Reform<\/a> (Aug. 3, 2021).<\/p>\n\n\n\n

Kriston Capps for Bloomberg CityLab:<\/em> Can New York\u2019s Next Mayor Fix the City\u2019s Broken Property Tax System<\/a>? (May 12, 2021).  <\/p>\n\n\n\n

The Buffalo News:<\/em> Builders Defend Tax Law That Gives Condo Owners a Break; Critics Look to Close \u201cUnfair\u201d Loophole<\/a> (updated Aug. 2, 2021).<\/p>\n\n\n\n

Michelle Breidenbach for Syracuse.com<\/em>: NY State Gives Condo Owners Millions in Property Tax Breaks; the Rest of Us Pay for It<\/a> (updated Jan. 30, 2019).<\/p>\n\n\n\n

The New York State Department of Taxation and Finance: Homestead Tax Option<\/a>.<\/p>\n\n\n\n

Gerald Benjamin et al., for the Town of Ossining, Westchester County, NY: The Impacts of the Adoption of the Homestead \/ Non Homestead Property Tax System in Ossining<\/a> (Feb. 6, 2019).<\/p>\n\n\n\n

Photo credits: cottonbro<\/a> and Pixabay<\/a>, via Pexels. <\/p>\n","protected":false},"excerpt":{"rendered":"

How Long Must This Show Go On? Homes in New York can have high property tax assessments. By default, home values are assessed at market prices. In contrast, homes classified as condos receive deep discounts when they\u2019re assessed. The result? Some people pay a lot more to cover county, township and school taxes than other […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[126],"tags":[],"class_list":["post-1634","post","type-post","status-publish","format-standard","hentry","category-new-york"],"yoast_head":"\nThe Sweet New York Condo Tax Deal - Deeds.com<\/title>\n<meta name=\"description\" content=\"Homes in New York can have high property tax assessments. By default, home values are assessed at market prices. 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