Bill > S05460

This bill modifies how property owned by cooperative corporations or condominiums is taxed by allowing municipal corporations to opt out of certain existing tax provisions. Specifically, the bill amends the real property tax law and real property law to permit municipal corporations (except special assessing units) to pass a local law or resolution that exempts cooperative and condominium properties from standard tax assessment rules. The exemption has some important limitations: it will not apply to properties that were previously subject to these tax provisions before January 1, 2027, and it will not apply to properties participating in affordable housing tax credit programs or those with regulatory agreements related to affordable housing requirements. The bill provides municipalities with greater flexibility in how they assess and tax cooperative and condominium properties, potentially offering tax relief or different assessment methods for these types of residential properties. The changes will take effect immediately but will apply to assessment rolls prepared with taxable status dates on or after January 1, 2027, giving municipalities time to adapt to the new regulations.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S5460