S T A T E O F N E W Y O R K
________________________________________________________________________
1292--A
2023-2024 Regular Sessions
I N A S S E M B L Y
January 17, 2023
___________
Introduced by M. of A. WILLIAMS, MAGNARELLI, SEAWRIGHT, RIVERA, HYNDMAN,
COOK, STIRPE, WALLACE, THIELE -- read once and referred to the Commit-
tee on Real Property Taxation -- recommitted to the Committee on Real
Property Taxation in accordance with Assembly Rule 3, sec. 2 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to amend the real property tax law and the real property law, in
relation to the taxation of property owned by a cooperative corpo-
ration
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 1 of section 581 of the real property tax law
is amended by adding a new paragraph (e) to read as follows:
(E) THE PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVISION SHALL NOT
APPLY TO REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR
ON A CONDOMINIUM BASIS IN A MUNICIPAL CORPORATION, OTHER THAN A SPECIAL
ASSESSING UNIT, WHICH HAS ADOPTED, PRIOR TO THE TAXABLE STATUS DATE OF
THE ASSESSMENT ROLL UPON WHICH ITS TAXES WILL BE LEVIED, A LOCAL LAW OR,
FOR A SCHOOL DISTRICT, A RESOLUTION PROVIDING THAT THE PROVISIONS OF
PARAGRAPH (A) OF THIS SUBDIVISION SHALL NOT APPLY TO SUCH REAL PROPERTY
WITHIN THAT MUNICIPAL CORPORATION; PROVIDED, HOWEVER, THE PROVISIONS OF
THIS PARAGRAPH SHALL NOT APPLY TO REAL PROPERTY OWNED OR LEASED BY A
COOPERATIVE CORPORATION OR ON A CONDOMINIUM BASIS THAT HAD BEEN PREVI-
OUSLY SUBJECT TO THE PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVISION
PRIOR TO JANUARY FIRST, TWO THOUSAND TWENTY-FIVE; PROVIDED FURTHER,
HOWEVER, THE PROVISIONS OF THIS PARAGRAPH SHALL NOT APPLY TO REAL PROP-
ERTY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR ON A CONDOMINIUM
BASIS THAT IS PARTICIPATING IN AN AFFORDABLE HOUSING TAX CREDIT PROGRAM
OR HAS A REGULATORY AGREEMENT WITH A FEDERAL, STATE, OR LOCAL AGENCY
RELATED TO AFFORDABLE HOUSING REQUIREMENTS.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05606-03-4
A. 1292--A 2
§ 2. Subdivision 1 of section 339-y of the real property law is
amended by adding a new paragraph (h) to read as follows:
(H) THE PROVISIONS OF PARAGRAPH (B) OF THIS SUBDIVISION SHALL NOT
APPLY TO REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR
ON A CONDOMINIUM BASIS IN A MUNICIPAL CORPORATION OTHER THAN A SPECIAL
ASSESSING UNIT, WHICH HAS ADOPTED, PRIOR TO THE TAXABLE STATUS DATE OF
THE ASSESSMENT ROLL UPON WHICH ITS TAXES WILL BE LEVIED, A LOCAL LAW OR,
FOR A SCHOOL DISTRICT, A RESOLUTION PROVIDING THAT THE PROVISIONS OF
PARAGRAPH (B) OF THIS SUBDIVISION SHALL NOT APPLY TO SUCH REAL PROPERTY
WITHIN THAT MUNICIPAL CORPORATION; PROVIDED, HOWEVER, THE PROVISIONS OF
THIS PARAGRAPH SHALL NOT APPLY TO REAL PROPERTY OWNED OR LEASED BY A
COOPERATIVE CORPORATION OR ON A CONDOMINIUM BASIS THAT HAD BEEN PREVI-
OUSLY SUBJECT TO THE PROVISIONS OF PARAGRAPH (B) OF THIS SUBDIVISION
PRIOR TO JANUARY FIRST, TWO THOUSAND TWENTY-FIVE; PROVIDED FURTHER,
HOWEVER, THE PROVISIONS OF THIS PARAGRAPH SHALL NOT APPLY TO REAL PROP-
ERTY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR ON A CONDOMINIUM
BASIS THAT IS PARTICIPATING IN AN AFFORDABLE HOUSING TAX CREDIT PROGRAM
OR HAS A REGULATORY AGREEMENT WITH A FEDERAL, STATE, OR LOCAL AGENCY
RELATED TO AFFORDABLE HOUSING REQUIREMENTS.
§ 3. This act shall take effect immediately and shall apply to assess-
ment rolls prepared on the basis of taxable status dates occurring on or
after January 1, 2025.