A 3812: Relates to the taxation of property owned by a cooperative corporation.

  
  STATE OF NEW YORK ________________________________________________________________________ 3812 2025-2026 Regular Sessions  IN ASSEMBLY 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: 1 Section 1. Subdivision 1 of section 581 of the real property tax law 2 is amended by adding a new paragraph (e) to read as follows: 3 (e) The provisions of paragraph (a) of this subdivision shall not 4 apply to real property owned or leased by a cooperative corporation or 5 on a condominium basis in a municipal corporation, other than a special 6 assessing unit, which has adopted, prior to the taxable status date of 7 the assessment roll upon which its taxes will be levied, a local law or, 8 for a school district, a resolution providing that the provisions of 9 paragraph (a) of this subdivision shall not apply to such real property 10 within that municipal corporation; provided, however, the provisions of 11 this paragraph shall not apply to real property owned or leased by a 12 cooperative corporation or on a condominium basis that had been previ- 13 ously subject to the provisions of paragraph (a) of this subdivision 14 prior to January first, two thousand twenty-seven; provided further, 15 however, the provisions of this paragraph shall not apply to real prop- 16 erty owned or leased by a cooperative corporation or on a condominium 17 basis that is participating in an affordable housing tax credit program 18 or has a regulatory agreement with a federal, state, or local agency 19 related to affordable housing requirements. 20 § 2. Subdivision 1 of section 339-y of the real property law is 21 amended by adding a new paragraph (h) to read as follows: 22 (h) The provisions of paragraph (b) of this subdivision shall not 23 apply to real property owned or leased by a cooperative corporation or 24 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 1 assessing unit, which has adopted, prior to the taxable status date of 2 the assessment roll upon which its taxes will be levied, a local law or, 3 for a school district, a resolution providing that the provisions of 4 paragraph (b) of this subdivision shall not apply to such real property 5 within that municipal corporation; provided, however, the provisions of 6 this paragraph shall not apply to real property owned or leased by a 7 cooperative corporation or on a condominium basis that had been previ- 8 ously subject to the provisions of paragraph (b) of this subdivision 9 prior to January first, two thousand twenty-seven; provided further, 10 however, the provisions of this paragraph shall not apply to real prop- 11 erty owned or leased by a cooperative corporation or on a condominium 12 basis that is participating in an affordable housing tax credit program 13 or has a regulatory agreement with a federal, state, or local agency 14 related to affordable housing requirements. 15 § 3. This act shall take effect immediately and shall apply to assess- 16 ment rolls prepared on the basis of taxable status dates occurring on or 17 after January 1, 2027.