Condos could see tax hike

June 20, 2008 11:52AM

State lawmakers could stir the ire of New York condo owners with new rules for condo taxes. Condos pay significantly lower property tax than similar single-family homes, thanks to a law passed in the ’60s meant to protect urban rental conversions that were being taxed far more heavily. New York developers eventually realized that the tax break could be applied to regional developments, allowing them to market homes at significantly higher prices than they could otherwise get.

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