Hammondsport village officials closed a legal loophole Monday night, Dec. 10, that could have created a drain on taxpayers.
The board unanimously passed a measure preventing current property owners from reclassifying their structures as condominiums. The new law would not affect new construction, such as the Keuka Harbor/Garrett Landing project now under review by the state.
Board members approved the law after a public hearing during which Village Assessor David Oliver urged its passage.
Oliver said under current state guidelines property owners can convert existing buildings as condominiums and receive an assessment reduction of 40 percent.
“That’s nice for them, but it simply passes that on to the rest of the taxpayers,” Oliver said.
Oliver has promoted the law – or amendment to the village’s current law – for the past year, warning the village board the state’s loophole has created huge problems for municipalities.
Six or seven years ago, the town of Amherst had to absorb $250 million in lost tax revenues because so many property owners converted their buildings, he said.
Oliver said the Town of Wayne also passed the amendment, and he is discussing a similar law with Town of Urbana officials.
Hammondsport village officials closed a legal loophole Monday night, Dec. 10, that could have created a drain on taxpayers.
The board unanimously passed a measure preventing current property owners from reclassifying their structures as condominiums. The new law would not affect new construction, such as the Keuka Harbor/Garrett Landing project now under review by the state.
Board members approved the law after a public hearing during which Village Assessor David Oliver urged its passage.
Oliver said under current state guidelines property owners can convert existing buildings as condominiums and receive an assessment reduction of 40 percent.
“That’s nice for them, but it simply passes that on to the rest of the taxpayers,” Oliver said.
Oliver has promoted the law – or amendment to the village’s current law – for the past year, warning the village board the state’s loophole has created huge problems for municipalities.
Six or seven years ago, the town of Amherst had to absorb $250 million in lost tax revenues because so many property owners converted their buildings, he said.
Oliver said the Town of Wayne also passed the amendment, and he is discussing a similar law with Town of Urbana officials.
