Hochul Blocks Law Ending N.Y. Property Tax Break for New Condos

New York Gov. Kathy Hochul (D) on Friday vetoed a law that would end a tax advantage that allows newly constructed condos to receive a property tax break.

• Condos are taxed at a lower rate than single-family homes even if their market value is greater. Their property tax bills are based on the unit’s potential rental income, not their market value, under New York’s property tax law.
• The bill, A3491B, would have prevented developers from continuing to build and market single-family houses at a preferable tax rate, according to lawmakers. Builders apply for condo status by ...