STATE OF NEW YORK
________________________________________________________________________
5460
2025-2026 Regular Sessions
IN SENATE
February 21, 2025
___________
Introduced by Sen. COMRIE -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
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
S. 5460 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.
