Due to the personal financial situation of one owner, co-owners of a townhouse containing two duplexes want to change ownership from tenants in common into 2 condo units. What are the effects of this conversion on the recurring real estate taxes? There will be no structural work to divide the building the building is already divided into a two family building. Looking through the tax codes the building will stay in class 1.
If the assessed value changes (or even if it remains the same for the ½ owner), does the transitional assessed value get bumped upon the conversion process to an assessed value? Do the units get (de-grandfathered) and does the tax law statement “For example, on residential properties with ten or fewer units, assessments may not increase more than 6 percent over one year and 20 percent over five years” no longer apply.
Does anyone know if there are examples of townhouses which were converted to 3 family (or less) condos which I can look up on property shark to see the changes in taxes? Does anyone have a suggestion of condo/ real estate lawyer to contact?


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  1. Call 2 or 3 condo conversion lawyers and, while you request a quote for the conversion, also ask your tax related question. Eial Girtz has reasonable prices. Contact info below.

    Eial Girtz, PC
    15 Great Neck Road, Suite 8
    Great Neck, NY 11021
    (516) 466-6911