Bill > S03213

This bill amends the New York Real Property Tax Law to clarify how residential cooperative, condominium, and rental properties are assessed for tax purposes. Specifically, the bill prevents tax assessors from determining the property's value based on potential rental income that might be generated if the property were leased out, rather than being owned by a cooperative corporation or held on a condominium basis. This means that cooperative and condominium properties cannot be assessed using hypothetical rental income as a valuation method, which could potentially lead to higher tax assessments. The bill aims to provide more consistent and fair property tax assessment methods for these types of residential properties. The legislation will take effect 180 days after becoming law and will apply to assessment rolls prepared with taxable status dates on or after the first of January following its enactment.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S3213