Senate Bill S4442

2025-2026 Legislative Session

Relates to the taxation of property owned by a cooperative corporation

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Local Government Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2025-S4442 (ACTIVE) - Details

See Assembly Version of this Bill:
A3124
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §581, RPT L; amd §339-y, RP L
Versions Introduced in 2023-2024 Legislative Session:
S7696, A8183

2025-S4442 (ACTIVE) - Summary

Relates to the taxation of property owned by a cooperative corporation in the towns of Bolton, Horicon, Thurman, Queensbury, Lake George, and Warrensburg.

2025-S4442 (ACTIVE) - Sponsor Memo

2025-S4442 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4442
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 5, 2025
                                ___________
 
 Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 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 THE TOWNS OF BOLTON, HORICON, THURMAN, QUEENS-
 BURY, LAKE GEORGE, AND WARRENSBURG, LOCATED IN WARREN COUNTY, WHICH HAVE
 ADOPTED, PRIOR TO THE TAXABLE STATUS DATE OF THE  ASSESSMENT  ROLL  UPON
 WHICH  THEIR  TAXES  WILL  BE  LEVIED,  LOCAL  LAWS  PROVIDING  THAT THE
 PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVISION SHALL NOT APPLY TO  SUCH
 REAL  PROPERTY  WITHIN  SUCH TOWNS; 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-SIX; 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 THE TOWNS OF BOLTON, HORICON, THURMAN, QUEENS-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04893-01-5

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