Information on Condominiums
Condominium Assessment Regulations are different than those for all other real property parcels.
Real Property Law – Article 9-B – Condominium Act, Section 339-Y
Assessments placed on condominium ownership fall under Real Property Law – Article 9-B – Condominium Act, Section 339-Y.
Real Property Law 339-y, adopted in 1983, states that even though a condominium unit is independently owned and sold, it has to be valued as if the whole complex was being sold as a single entity, like an apartment complex. The basis of this law is that condominiums own common area together and pay an association fee.
The condominium complex is valued as one entity just like a commercial apartment complex. Once a value is established, then the % allocation of each unit is divided into the value to come up with a unit value for each unit. All of the unit values added together will equal the value for the whole which was established for the complex.
As a result, a condominium unit may have an assessment that is less than its likely selling price, even on an assessment roll that is at 100%.
There have been periodic efforts to change Real Property Law 339y. However, at this time, no changes have been passed in Albany to change Real Property Law 339y