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.
