Assembly Bill A3812

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3812
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 30, 2025
                                ___________
 
 Introduced by M. of A. WILLIAMS -- read once and referred to the Commit-
   tee on Real Property Taxation
 
 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-SEVEN; 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.
   § 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06366-01-5
              

 A. 3812                             2
 
 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-SEVEN;  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, 2027.