Bill > A03812

This bill amends the Real Property Tax Law and Real Property Law to modify how property owned by cooperative corporations or condominiums is taxed. Specifically, the bill allows municipal corporations (except special assessing units) to adopt a local law or resolution that would exempt cooperative and condominium properties from certain existing tax assessment provisions. The exemption is subject to several key limitations: it does not apply to properties that were previously subject to these provisions before January 1, 2027, and it does not cover properties participating in affordable housing tax credit programs or those with regulatory agreements related to affordable housing requirements. The changes give local governments more flexibility in how they assess and tax cooperative and condominium properties while maintaining protections for affordable housing. The bill will take effect immediately and apply to assessment rolls prepared with taxable status dates on or after January 1, 2027, providing a clear timeline for implementation.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3812